Korman Residential Acquires Fifth Apartment Community in Delaware

NEW CASTLE, Del., April 8, 2014 /PRNewswire/ -- Korman Residential Properties, Inc. has acquired The Villas, a 240-unit garden style apartment community located at 21 Villas Drive, New Castle, Delaware. The sale was brokered by Ken Wellar of Rittenhouse Realty Advisors.

Built in 1973, the property consists of 12 three-story multifamily buildings with a pool and playground located on 14.04 acres in the Wilmington Metro submarket. The highly desirable unit mix is comprised of 20% one-bedroom and 80% two-bedroom apartments with fully equipped kitchens and balconies or patios. The property is ideally located in New Castle County, in close proximity to Dupont, the University of Delaware and the Christiana Mall. The Villas is located on Route 273 and offers convenient access to Interstate 95 and Routes 1 and 202.

Korman Residential is planning to invest $3.2 million in property improvements at The Villas. All 240 units will be renovated with 108 being upgraded to Korman's Earth Friendly Modernista Apartments. Korman will be creating smoke-free buildings and a bike share program among other enhancements to the property.

"We believe we can create a lot of value by modernizing the apartments at The Villas," comments John Korman, CEO for Korman Residential. "Our management team has a proven track record in Delaware," adds James Korman, President of Korman Residential. Korman Residential was named Management Company of the Year by the Delaware Apartment Association in 2012 and 2013. "In 6 months The Villas will be one of the premiere rental communities in the State of Delaware."

About Korman Residential Properties: Based in Trevose, PA, Korman Residential (http://www.livekorman.com) traces its roots to 1919 and is a privately-held real estate investment firm with fully-integrated management, acquisition/disposition and repositioning capabilities. Korman Residential owns and third-party manages multi-family property portfolios in Pennsylvania, New Jersey, Delaware and Florida.

For further information or to schedule interviews please contact Pete Rushing, Director of Marketing at (215) 316-7804 or [email protected].

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SOURCE Korman Residential Properties