Real Estate - Residential

Wilmington Apartment Complexes Sell To New Jersey Firm For $35M

By Cece Nunn, posted Nov 13, 2020
A New Jersey firm recently purchased two apartment communities in Wilmington, Osprey Landing and 34 North. (Photo courtesy of Aline Capital)
A New Jersey-based company invested recently in two apartment communities in Wilmington.

Eskay Management bought Osprey Landing and 34 North for a total sales price of more than $35 million, according to a news release from Aline Capital’s Multifamily Advisory Division. Combined, the apartment complexes contain 368 units.

Osprey Landing is located at 800 Walden Drive near Greenfield Lake and 34 North is at 603 Plum Nearly Lane near South Kerr Avenue.

Aline Capital, headquartered in Greenville, South Carolina, represented Eskay Management, a repeat client for Aline, in the transaction.  

“The Multifamily Advisory Group has previously completed transactions involving their purchaser client and the seller, Heritage Capital of New Jersey,” the release stated. “Eskay Management assumed the existing debt on the properties while bringing a large amount of equity to the transaction.”

Heritage Capital bought the two apartment communities, along with Hanover Landing at 3439 Wilshire Blvd., in a portfolio purchase in 2016. Eskay Management previously purchased Hanover Landing from Heritage Capital, said Jonathan Kessler of Aline Capital.

"The low-leverage nature of the [latest] transaction as well as other factors from the COVID-19 pandemic made this transaction challenging,” Kessler said in the release. “These are excellent properties with a tremendous number of upgrades. We knew that a well-capitalized firm with a deep understanding of the strength of the Carolina markets would be a good fit for the transaction." 

Jay Schecter, of Eskay Management, said in the release, "With the acquisition of these two properties, it will provide us with a stronger presence in the Wilmington market, and the Carolinas in general.”

According to the release, the transaction is the first landmark transaction for Aline Capital's new investment sales platform. The historically focused debt and equity firm launched an investment sale division amidst the COVID-19 pandemic.  

"We are grateful to have built a strong capital markets advisory business throughout the Southeast for the past five years,” said Scott Williams, the firm’s founding partner. “We now have investment sale teams focused on several asset classes including multifamily, retail, office, mobile homes, among others. We believe this is a logical path of growth for the firm and a great way to round out our services to our clients looking to invest in the Southeast.”
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