Berkadia Sells 149-Unit The Reserve At Sawmill In Milford Delaware For $23.2M

The Reserve at Sawmill is a 149-unit garden-style multifamily property located at 100 Valley Drive in Milford, Delaware. The property was sold for $23,200,000, with a price per unit of $155,704. It encompasses approximately 150,000 square feet, translating to a price per square foot of $154. At the time of sale, the property was fully occupied and transitioned from a former LIHTC restriction to a 100% market-rate status. The development features a mix of floor plans, including one to three-bedroom apartments and five townhomes, delivered in phases between 1984 and 2008.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $23,200,000
• Address: 100 Valley Drive, Milford, Delaware
• Total Units: 149
• Price Per Unit: $155,704
• Total Square Feet: 150,000
• Price Per Square Foot: $154
• Cap Rate: 5.71%
• Broker Representatives: Nat Gambuzza, Trevor Fiebel, Zachary Pierce, Matt Stefanski, and Maura Spellman - Berkadia

Berkadia, a prominent player in the commercial real estate sector, facilitated the sale of The Reserve at Sawmill. The sale was completed on February 28th, and the well-rounded community is expected to provide the new buyer with opportunities for future appreciation and rental upside.