NEW CASTLE – A New Jersey-based real estate investment firm recently acquired The Garrison apartment complex for $30.6 million, the largest multi-family deal in Delaware this year, according to county land records. Goldcrest Properties, based in New Jersey, recently acquired The Garrison in New Castle. The development also has 1,750 square feet of retail space on the ground floor along West 7th Street. It offers a variety of amenities, including a fitness center, community club room, billiards room, pet spa, covered parking, and a roof deck with a view of the Delaware River, fire pits, and a grill/bar area. The Garrison is the first new apartment complex built in the area in nearly a decade, and the modern complex features one- or two-bedroom units ranging from $1,365 to $1,709 a month. Attempts to reach Goldcrest leaders this week were unsuccessful. He added that he didn’t have additional insights into Goldcrest’s plans for the market. We enjoyed our development experience in New Castle and would certainly consider future opportunities,” he said in an email.ĭambly said the offer from Goldcrest was the “result of a broad marketing effort and speaks to the desirability of Delaware and more specifically the city of New Castle as a destination and a place to live and work.” “Pennrose was committed to The Garrison and the New Castle community since we began the development several years ago. Mark Dambly, president of Pennrose LLC, told Delaware Business Times that pandemic did not play a part in its decision to sell the relatively new asset. Pennrose reported an estimated $20 million development cost, meaning it found a roughly 50% return on its investment. The four-building, 120-unit complex was only completed last year by Pennsylvania builder Pennrose, which sold the property to Goldcrest Properties, a firm that owns and manages roughly 900 multi-family units in Pennsylvania and New Jersey. Careful attention was paid to make sure the development would satisfy the zoning requirements and historic sensitivities of the local stakeholders. The Garrison residents benefit from 122 covered parking spaces, 60 surface parking spaces, large amenity-rich rooms, a proposed boardwalk to the community trail along the Delaware River, and a Miami-style roof deck with stunning views of the river and surrounding natural landscape.Goldcrest Properties, based in New Jersey, recently acquired The Garrison in New Castle. The Garrison is in “Old New Castle” a historic, walkable city. Key attributes of this development process were environmental remediation, raising the site to move out of the flood plain, and structured under building parking to meet the required parking count on site. The building closest to the river will contain a large roof deck open to the entire development and pet washing station on the 1 st floor. Apartment units are located on floors 2 to 4 and contain a mix of 10 apartment units per floor. The mixed-use building ground floor features 1,750 square feet of retail, fitness center, community room, business center, billiard room, leasing/management office, and maintenance office.
The average unit size is 922 square feet for the 1-bedroom units and 1,239 square feet for the 2 bedroom units. The 4-building market-rate apartment complex consists of 120 Class A, highly amenitized multi-family units comprised of 36 one-bedroom and 84 two-bedroom apartments.
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