Chateau Orleans Apartments_Property for Sale

312 Shipley Rd, Wilmington, DE, 19809-3630, US

Chateau Orleans Apartments

Asset Description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire Chateau Orleans Apartments, a 168-unit, value-add multi-housing opportunity located in Wilmington, Delaware.

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Attributes

Number of units

168 units

Occupancy

95.00%

Year built

1965-66

Building area Gross

17,738 m²

Land area Gross

2.86 ha (28,611 m²)

Media

Investment Highlights

Compelling Value-Add Opportunity

Ownership has upgraded 97 units (58% of the unit mix) and has commanded an average rental premium of $100 or 8.0% above classic units. The most recent leases are achieving premiums of nearly $200, supporting the ability to increase rents upon renovation and renewal.

Strong Submarket Fundamentals

According to AxioMetrics, the Outer Wilmington submarket is expected to achieve 11.0% rent growth as of 2023 Q1 and remain above 7.0% on average for the year. The submarket’s supportive fundamentals paired with the opportunity to implement a streamlined unit renovation program will allow new ownership to further capitalize on significant rental premiums.

Dynamic Wilmington Location

Chateau Orleans is strategically situated between I-95 and I-495, and is proximate to major employers including AstraZeneca’s U.S. headquarters, Nemours Children’s Hospital, JP Morgan Chase, DuPont, Barclays, and Bank of America, among others.