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|Number of units||286|
Jones Lang LaSalle Americas, Inc (“JLL”) is pleased to present the opportunity to acquire The Edge at Greentree (the “Property”), a late 1960’s vintage, value-add, multi-housing property located in desirable Claymont, Delaware, just 20 minutes from Center City Philadelphia and 10 minutes from downtown Wilmington. The Edge at Greentree is comprised of 26 residential buildings spread across 16.54 well-manicured acres in an irreplaceable, low-density setting. The unit mix features a diverse blend of one, two, and three-bedroom units with open floorplans and a private patio or balcony in each unit. The Edge at Greentree affords an investor the opportunity to acquire a compelling value-add asset that contains a variety of revenue-enhancing strategies.
Compelling Value-Add Opportunity
The Edge at Greentree contains a variety of revenue enhancing opportunities. As currently positioned, ownership has renovated the Property to various scopes including Classic, GT (Aging Renovation), GW (Aging Renovation), UP (Upgraded), and LX (Full Renovation). Future ownership can increase revenue through various renovation tactics including renovation of the remaining 50 classic units, renovating the remaining 146 GT, GW, and UP unit finishes to the LX scope and adding washers & dryers to the remaining 100 Classic and GT units, commanding average rental premiums of approximately $100. The in-place LX renovation has been well received by current tenants, achieving an average rental premium of approximately $400 above the Classic finished units.
Approved For Additional Density
In addition to the compelling renovation program, approvals have been obtained by current ownership to increase density at the Property through the addition of nine units to the vacant first-floor space in each building. This addition will significantly lower the going-in basis and create additional revenue.
Resilient Market Fundamentals
The Claymont submarket has proven resilient in the face of the pandemic, with occupancies remaining tight and asking rents up 5.0% year-over-year as of 1Q 2021.