M id A tlantic Real Estate Journal — Owners, Developers & Managers — July 24 - August 13, 2020 — 7C
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O wners , D evelopers & M anagers
ILMINGTON, DE — Rittenhouse Realty Advisors Properties include Holly Oak Manor, 822 N. Adams St.& Jefferson Park/Adams St. Apts. DiPasquale of Rittenhouse Realty Advisors negotiates sale of 135 units in Wilmington, DE W
we are seeing Northern Dela- ware become a hot area for regional investors looking to deploy equity to more fruitful ventures.” Corey Lonberger , manag- ing partner at RRA, added: “These properties were pur- chased by well-qualified in - vestors that we introduced to the Wilmington market. We are seeing more and more buyers flocking to the Wilmington market given the strong economic drivers in the area. This is allowing us to really push values for our clients.” MAREJ
announced the sale of 135 apart - ment units i n W i l m - ington. The pr ope r t i e s sold include a 4 2 - u n i t apa r tment
Bob DiPasquale
community located at 1 Jill Court, known as Holly Oak Manor, a 15-unit building located at 822 N. Adams St., as well as a 78-unit property located at 2600 N. Jefferson St., known as the Jefferson Park/ Adams Street Apart- ments. Situated minutes from I-95, the properties offer easy ac- cess to major employment centers Downtown Wilming- ton and Philadelphia. The units were 100% occupied at the time of sale with very strong rent collections, espe- cially considering the impact the COVID-19 pandemic has had on the U.S. economy. During a time of uncertainty, RRA has been able to maintain a steady deal flow in the Wilm - ingtonmarket due to increased interest from investors the company works with from the New York and North Jersey markets. meet a company’s distinctive business needs. This includes software for property and proj- ect management, estimating, budgeting and valuation, leas- ing, building management, marketing, document and con- tract management, and more. In short, modern, cloud- based ERP systems can help commercial real estate and construction organizations power their businesses more effectively – regardless of whether having staff work from home is a temporary decision or a long-term orga- nizational directive. These business management solu- tions create digital resiliency by facilitating mobile and telework scenarios, and offer- ing flexibility through the easy integration of best-in-class collaboration tools. Michael Mullin is presi- dent of IntegratedBusiness Systems (IBS) in Totowa, NJ. continued from page 6C “Forced” remote operations . . .
Holly Oak Manor
822 N. Adams St.
Jefferson Park
Bob DiPasquale , a senior associate at RRA who worked
on the transaction, stated: “With the buyer saturation
and rent control legislation in New York and North Jersey,
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