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Tag: DLP Real Estate Capital

DLP buys student housing near Kutztown University

The Edge at Kutztown will be renamed DLP Kutztown and will add families to the student-housing property. PHOTO/SUBMITTED –

DLP Real Estate Capital has acquired The Edge at Kutztown, a student housing community that was constructed in 2008 and is located near the Kutztown University Campus.

The community, which will be renamed DLP Kutztown, is a 184-unit property aimed at students of the university. The property is made up of three-bedroom units with amenities that include full appliance and furniture packages, in-unit washer/dryers, clubhouse and a patio with grilling area.

The company said it plans to transform the property into a mix of student and multi-family dwellings.

“The acquisition of DLP Kutztown adds to our growing portfolio and confirms our belief in the Greater Lehigh Valley where I was born and raised,” said Don Wenner, founder and CEO of DLP Real Estate Capital. “By transforming the community to a mix of both student and multifamily units, more hardworking individuals and families will be able to live here at a more affordable price.”

Wenner said the firm has a goal of positively impacting the current housing affordability crisis affecting families across the nation and the acquisition is part of that effort.

The purchase price was not disclosed.

DLP Lending names new head of operations

Gary Cho

 

DLP Real Estate Capital in Bethlehem has a new member of its executive team.

The company announced that Gary Cho has been named vice president of operations for DLP Lending, which provides acquisition and renovation financing for real estate investors.

In his role, Cho will oversee the entire loan process, developing and implementing tracing systems, as well as spearheading new initiatives and strategies.

“I am excited to have Gary join DLP Lending as VP of Operations. His experience and expertise in the lending industry will drive our team toward continued growth and streamline the execution of all our innovative loan programs,” said Don Wenner, founder and CEO of DLP Real Estate Capital.

Cho comes to DLP with more than eight years of experience in the financial lending field. He has previously worked for such companies as Temple View Capital and Bozzuto where he oversaw construction projects and managed a portfolio of residential and commercial mortgage-backed securities as well as managing more than 500 loan portfolios.

Cho has a Master of Professional Studies in Real Estate Finance from Georgetown University and his Bachelor of Arts in Economics/Political from the University of Michigan.

Developers plan luxury apartments to replace Bethlehem’s Boyd Theater

The former Boyd Theater has been a long dormant property on Bethlehem’s Broad Street. PHOTO/FILE

 

DLP Real Estate Capital has announced it will be partnering with Monocacy General Contracting to build a 14-story apartment building on the site of the long-dormant Boyd Theatre in Bethlehem.

The companies said they have acquired to former iconic movie theater and plan to create a luxury apartment building, which will include an underground parking garage, and a rooftop restaurant.

It’s not the first project pitched for the Broad Street property.

Previous proposals for the property have included reuse of the space as a performance theater to an early 2019 plan to create a 120-unit apartment complex. Those failed to materialize.

These, companies, however, have plans to get started soon.

Construction is set to begin in the next three to five months and the companies hope to have the project completed by the third quarter of 2022.

“Our team will breathe back life into a once bustling part of downtown Bethlehem. We’ll incorporate elements of the old theater, including the original Boyd sign, into the new development. Imagine modern luxury with a dash of nostalgia,” said Rocco Ayvazov, CEO of Monocacy General Contracting.

The building will also have amenities including a pool, fitness center and a private movie theater for residents.

The ground floor will have space for commercial retail tenants.

“The Boyd Theater had been a staple to the city of Bethlehem for so many years, but unfortunately sat vacant and unlivable for a long time. We look forward to welcoming individuals and families to their new apartment homes in addition to an increase in businesses and commerce downtown,” said Don Wenner, DLP Real Estate Capital founder and CEO.

Once construction is complete, DLP Real Estate Management will manage the property, while DLP Realty will market and lease up the units. The construction project is financed by DLP Lending.

Portner & Hetke of Emmaus has been selected as the architect.

DLP Real Estate conducts blood drive amid COVID-19 pandemic

As the COVID-19 pandemic continues to spread, blood donor organizations are facing major blood shortages, but one local firm, DLP Real Estate Capital, hosted its first company-wide blood drive in Hanover Township, Northampton County on Monday. Organizations such as the Red Cross say it’s safe to donate blood during the pandemic. (PHOTO/SUBMITTED) –

As the COVID-19 pandemic continues to spread, blood donor organizations are facing major blood shortages, but one local firm hosted its first company-wide blood drive shortly before Gov. Tom Wolf urged all non-essential businesses in the state to close.

DLP Real Estate Capital of Hanover Township, Northampton County, hosted a drive on that day at its Lehigh Valley headquarters and two other sites — its St. Augustine, Florida headquarters, and its DLP Brite Homes office in Orlando.

“If it was later this week, we would have had to cancel it,” said Jenn LoConte, communications and public relations manager for DLP Real Estate Capital.

The quandary organizations such as The Red Cross face is the need for blood ramping up as blood drives across the nation get cancelled. According to the Red Cross, each blood donation saves up to three lives.

Peter Brown, executive director of The American Red Cross Lehigh Valley-Bucks Chapter, said the Red Cross has canceled more than 1,700 blood drives nationwide.

DLP’s blood drive benefitted The American Red Cross in Pennsylvania and One Blood at the two Florida sites.

At Monday’s local event, which DLP hosted outdoors, 17 donors gave blood and at all three locations, they received 51 blood donations, she said.

“We were anticipating the event and then the coronavirus happened,” LoConte said.

She said the Red Cross incorporated pre-screening methods for all donors, including taking everyone’s temperature and asking general questions as well as coronavirus-related questions.

“They did put safeguards in place,” she said. “Even though the numbers were down from what we had originally hoped for, we’re thankful to be able to help those whose lives can be saved from these blood donations, especially now.”

LoConte said DLP is looking to do more community outreach efforts.

Local firm buys $43M apartment community in West Virginia

DLP Real Estate Capital bought Wexford Village at Devonshire Apartments, a 340-unit apartment community in Scott Depot, West Virginia. (PHOTO/SUBMITTED) –

A local real estate firm bought a multifamily community in West Virginia for $43 million.

DLP Real Estate Capital of Hanover Township, Northampton County, said it bought Wexford Village at Devonshire Apartments, a 340-unit apartment community in Scott Depot, West Virginia, a submarket of Charleston, South Carolina.

The company made the announcement in a news release today, noting that it’s DLP’s first footprint into “The Mountain State.”

Wexford Village has 340 units in 14 buildings, ranging in sizes from one to three-bedrooms. The property has shown monthly rental growth in the past year, with total income 7.9% higher in July 2019 than July 2018.

By adding the property to its portfolio, DLP Real Estate Capital said there is a pent-up demand for high-end interiors, which it will invest in providing to its current and future residents.

Charles Wentworth, senior vice president of Colliers International, brokered the sale.

“For renovations, we’ve budgeted to bring phase I unit interiors in line with those of phase II, namely by adding stainless steel appliances, upgraded counter tops, new cabinetry, as well as a combination of new carpeting in bedrooms complemented by luxury plank flooring in the wet/living areas,” said Nicholas Lanni, senior associate of investments at DLP Real Estate Capital in a statement. “Additionally, we’ve outlined a budget for the following attractive, modern amenities and external treatments to be added to complement the luxuries and conveniences at the property: facade updates, pool upgrades, fitness center upgrades, and a bark park, as well as bettering the parking areas and HVAC.”

At present, DLP manages roughly 40 communities, some of which are singular properties and others of which are portfolios of multiple, geographically-proximate assets.

 

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