$23M Multifamily sale: 298-Unit in Dover, DE
CoStar reports: Hunt Companies sold the 298-unit multifamily property located at 4666 Caroline Ave. in Dover, DE to Morgan Management LLC for $23.18 million, or about $77,800 per unit.
Formerly military housing, the Eagle Meadows apartment complex totals 352,202 square feet, on 72 acres located about 15 minutes from downtown Dover near Dover Air Force Base. The property recently underwent approximately $4 million in renovations including new HVAC, roofs, electrical panels and other improvements to one-third of the units. The property was 97 percent occupied at time of sale.