DLP Real Estate Capital has sold one of its multifamily apartment communities for $7.05 million. The Village at Heritage Place is a 100-unit, Garden-style multifamily property, located in Wilson, North Carolina, just two miles southwest of Historic Downtown Wilson with convenient access to U.S. Highway 301. The sale and financing were led by Mark Boyce and Blake Coffey of Berkadia Real Estate Advisors LLC and Berkadia Commercial Mortgage, LLC. DLP Real Estate originally purchased the property in November 2017 for $4,600,000.
Anthony Ruben, Senior Director of Investments at DLP Real Estate Capital commented, “DLP is, once again, delivering solid success to its investor base. This investment exhibits a proven capability to successfully execute value-add strategy and deliver outsized returns to its fund investors.”
The Village at Heritage Place, originally built in 1970, is now a well-maintained community with 99% occupancy at the time of sale. DLP Real Estate Capital focused primarily on renovations to the apartment units, including hard surface flooring in kitchens and bathrooms, upgraded appliances, resurfaced countertops, and new cabinetry. The property maintained better than market occupancy while under DLP’s management.