DLP Real Estate Capital is pleased to announce the $43 million acquisition of Wexford Village at Devonshire Apartments, an exceptional multifamily community located in Scott Depot, West Virginia, a thriving submarket of Charleston. The sale was brokered by Charles Wentworth, Senior VP of Colliers International. This major acquisition marks DLP Real Estate Capital’s first footprint into “The Mountain State.”
Wexford Village is comprised of 340-units in 14 buildings, ranging in size from 1-bedroom, 1-bathroom (810 sq.ft.) to 3-bedroom, 2-bathroom (1,320 sq. ft.) apartments. The property has enjoyed exceptional monthly rent growth in the past year (total income in July 2019 is 7.9 percent higher than July 2018). Putnam County has experienced a 2.1 percent population increase (since 2010), and no new planned developments means less options on the market for a prospective tenant, driving up occupancy levels.
Residents enjoy an unparalleled amenity package among modern, spacious floor plans. The property includes a resort style swimming pool, 24 hr. fitness center, widescreen movie theater, dog park, tennis court, billiards parlor, and more.
Constructed in two phases (2008 and 2016), Wexford Village presents an attractive value-add opportunity in Phase I of the community by upgrading to stainless steel appliances, granite countertops, and updated cabinets, aligning it with finishes present in Phase II of the property.
Don Wenner, Founder and CEO commented, “We are thrilled to add the community of Wexford Village to our portfolio. While this Class A property will offer a full suite of luxury amenities to all of its residents, we recognize that there is pent up demand for high-end interiors, which we will be investing in providing to our current and future residents.”
Putnam County has a long history of successfully attracting global business and industry leaders, such as Toyota Manufacturing, a $1.4 billion plant facility with plans for enlarging and increasing its workforce. Wexford at Devonshire is less than 20 minutes from the plant and is one of only two Class A multifamily residences within a 15-mile radius. The school system includes three national Blue Ribbon schools and 16 W. Virginia Schools of Excellence. The property is located just south of the highly traveled Teays Valley Road corridor, near major highways.