NEW CASTLE, Del.–(BUSINESS WIRE)–Evergreen Apartment Group Inc. has acquired The Village of Windhover Apartments, a 384-unit apartment community located at 104 Sandburg Place, Newark, Delaware and has rebranded the community as Evergreen Apartments at Christiana Reserve (“Christiana Reserve”). The sale was arranged directly with the owner. Financing for the purchase was provided by Fannie Mae. Key Bank serviced the loan and AMA Financial was the mortgage broker.
“Christiana Reserve is an exciting acquisition for our organization, idyllically located in close proximity to major roadways and the Christiana Mall. For residents looking to rent an apartment in Newark, Delaware; Bear, Delaware; or Christiana, Delaware, Evergreen Apartments at Christiana Reserve is the ideal community.”
Kevin M. Wolfgang, President and CEO, said, “Christiana Reserve is an exciting acquisition for our organization, idyllically located in close proximity to major roadways and the Christiana Mall. For residents looking to rent an apartment in Newark, Delaware; Bear, Delaware; or Christiana, Delaware, Evergreen Apartments at Christiana Reserve is the ideal community.”
Christiana Reserve will be renovated and repositioned to offer residents a comprehensive amenities package including a full-service community center, lifestyle and fitness center, swimming pool, recreational areas and dog park. The apartments are spacious and have well-designed floor plans with complete concrete construction providing desirable features, such as individually-controlled central HVAC, washer/dryer, fireplaces, oversized balconies, private entrances, and generous walk-in closets.
Gregory D. Wolfgang, Chairman and CFO, added, “We will be implementing a value-add repositioning strategy encompassing extensive capital improvements to both interiors and exteriors of the buildings. Christiana Reserve will also be strengthened from Evergreen’s property management best practices.”
Lauren J. Wolfgang Esq., Principal and General Counsel of Evergreen Apartment Group, said, “Evergreen Apartments at Christiana Reserve will not only be a spectacular community but will also be a spectacular value delivering an outstanding rental home at an exceptional price point, offering the absolute best apartment value in the marketplace.”
About Evergreen Apartment Group – Evergreen Apartment Group consists of a portfolio of apartment communities in Delaware and Maryland. All properties have been acquired autonomously by the members of the Wolfgang Family, who have successfully owned and managed apartment complexes since 1978. Evergreen Realty, Inc., was founded in 1985 by Steven L. Wolfgang and was rebranded by the second Wolfgang generation in 2010 as Evergreen Apartment Group, Inc. The current principals are Kevin M. Wolfgang, President and Chief Executive Officer, Gregory D. Wolfgang, Chief Financial Officer and Chairman of the Board, and Lauren J. Wolfgang, Esq., General Counsel.