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Real Estate

Korman Residential Purchases Third Delaware Property

    by Amanda Gilanyi
    Published 

Trevose, Pa. – Korman Residential Properties, Inc., one of the industry’s premiere family-owned multifamily real estate firms, purchased Brandywine Hundred Apartments, a 301-unit community in Wilmington, DE. Effective immediately the property will be known as Korman Residential at Brandywine Hundred.

This is the company’s third multi-family property acquisition in Delaware and this transaction marks the fifth property the company has purchased in the past year. The company’s other holdings in Delaware are Korman Residential at Christina Mill (Newark, DE) and Korman Residential at Stratford (Wilmington, DE). In addition to acquiring Brandywine Hundred and Christina Mill, over the past 12 months Korman Residential has purchased Edgehill Court and Wayne Manor in Pennsylvania, and River Chase Apartments in Florida.

Brandywine Hundred is less than one mile from I-95 and Rte. 202, making it the perfect location for people working for major employers in the area. The property offers studio, one, two, and three bedroom apartments plus one, two, and three bedroom penthouses. Property amenities include a pool and fitness center. Korman Residential plans to invest $5 million in capital improvements to upgrade the property.

Like all other properties in the Korman Residential portfolio, Brandywine Hundred will offer flexible lease terms, furnished and unfurnished apartment homes. Every resident’s satisfaction will be guaranteed.

“We have had our eye on this property for the past eight years,” says John Korman, CEO of Korman Residential Properties. “We believe our substantial investment of capital into the apartments and amenities will make Korman Residential at Brandywine Hundred one of the most desirable addresses in the state of Delaware.”

Based in Trevose, Pa., Korman Residential Properties, Inc. traces its roots to 1919 and to the founding of the family real estate development firm that evolved into a fully integrated, multi-divisional investment, management and development organization. The Korman family is one of the largest owners of residential property and a significant owner of commercial and industrial property in the Greater Philadelphia Metropolitan Area. Quality communities and constant attention to customer needs have been paradigms to the business since its inception. For more information, log on to www.kormanresidential.com.