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SPRING ARBOR

Location: Middletown, DE
Community: 182 Active Adult Single, 135 Townhome Clubhouse Community
Average Sales Price: Single - $378,000
Townhomes - $303,000
Acquisition Date: November 2005
Exit: Direct Sales to Homeowners
Exit Date: Ongoing

Market Opportunity:
The community is conveniently located to downtown Wilmington, Philadelphia and Chesapeake Bay and is within a mile of McKee’s successfully completed active adult Spring Mill community. Middletown has been one of the fastest growing markets in Delaware, and retiring residents from out-of-state benefit from Delaware’s lower taxes.

Investment Approach:
  • Purchased approved land from another developer.
  • Installing site improvements on a phased basis to coincide on a just-in-time basis with new home sales.
  • Sold and constructed homes.