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SPRINGMILL

Location: Middletown, DE
Community: 362 Active Adult Single Family Home Clubhouse Community
Average Sales Price: $268,000
Acquisition Date: October 2000
Exit: Direct Sales to Homeowners
Exit Date: December 2006

Market Opportunity:
Springmill was the first active adult clubhouse community in Middletown, Delaware. When the property was purchased the area was nearing the start of a development boom. The community is located on Route 301, highly visible to drive-by traffic and convenient to downtown Wilmington, Philadelphia and Chesapeake Bay. Pent up demand for active adult housing in the low tax state of Delaware made this a successful community.

Investment Approach:
  • Purchased partially improved lots in Phase I and installed site improvements in Phases II-IV to deliver lots on a just-in-time basis to meet housing demand.
  • Designed new product to meet customer demand.