Northwest Front Street 505, Milford, DE, 19963, US

Parson Thorne Apartments

Attributes

Number of units

100 units

Occupancy

96%

Year built

1972

Building area net

9,661 m²

Asset Description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire Parson Thorne Apartments (the “Property” or “Parson Thorne”), a 100-unit, townhome-style, value-add apartment community located in Milford, Kent County, Delaware. The Property has been meticulously maintained by current ownership for more than 30 years with current rents averaging $950. Management has not been to court for an eviction in the last 10 years while maintaining 95%+ occupancy, further alluding to the potential upside.

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Investment Highlights

Compelling Value-Add Opportunity

All units at Parson Thorne consist of classic finishes, allowing an investor the opportunity to implement a unit modernization program and capitalize on rental premiums upwards of $200.
Additionally, an investor can maximize rental revenue and differentiate the asset by adding a community pool, clubhouse, fitness center, and/or dog park.

Recently Completed Capital Expenditures

The parking lot was repaved and striped in 2024.
All windows and sliders were replaced in 2015.
All HVAC units were replaced in 2005.

Significant Discount to Homeownership

Rising housing demand in this submarket has led to increased homeownership costs, with the average monthly rent at Parson Thorne being 61% lower than the cost of owning a home.

Dynamic Location Proximate to Local Beaches

Parson Thorne is situated off N Front Street, adjacent to Route 113, connecting residents to Route 1, which provides access to Dover and Wilmington to the north and Delaware's beaches to the south.
The Property sits less than 15 miles from several of Delaware’s most coveted beaches and offers rental rates at a significant discount to beach front rental communities.