JLAM Acquires Wickersham in Milford, DE
Jack Lingo Asset Management (JLAM), a Rehoboth Beach, Delaware-based real estate investment and development firm, is pleased to announce the launch of its build-for-rent platform concurrent with its first acquisition in this strategy. Over the last several years, JLAM has been building a pipeline of development projects aimed at bringing the high-quality residential living experience the firm is known for to the build-for-rent market.
Doug Motley, Managing Principal of JLAM, said, “The build-for-rent space in Delaware offers a compelling investment opportunity given the population growth, quality of life, and favorable tax environment. We are uniquely positioned in this strategy, as we have unparalleled access to the significant capital required for these projects, the expertise to develop projects of this scale, and the existing operating platform to efficiently provide a premier living experience for our residents. We have a strong pipeline to continue to build out our platform, and we are very excited about the Wickersham project being the first project out of the ground. Investments like Wickersham are in high-demand by our investors, as they provide tax-efficient opportunities to build their wealth.”
JLAM sponsored Wickersham Milford, LP, a newly formed partnership, that acquired the Wickersham property. The offering was fully subscribed, attracting family office and high net worth investors.
The Wickersham community is a dedicated build-for-rent community that will consist of 203 town homes, located in Milford, Delaware. It will feature a luxury community clubhouse, fitness center, resort-style pool, and professional on-site management. The neighborhood lies adjacent to the Bayhealth Hospital Sussex Campus and just minutes away from downtown Milford. With its excellent access to US 1, it is just a short drive to the Delaware beaches to the south and the Dover area to the north.
The partnership will install the community infrastructure, construct the amenities, manage all land development activities, and provide property management services once the development is completed. JLAM anticipates home construction to begin in late 2023, with leasing to begin in the spring of 2024.
Nick Hammonds, Managing Principal of JLAM, says, “We’re so excited about the Wickersham project—our team has devoted countless hours carefully designing and executing every detail of this community. We can’t wait for this to come to life to bring a great new housing option to the Milford area. With the unbeatable location and the first-class amenities, this truly will be a place people want to be.”
JLAM and its affiliates have a longstanding track record within Delaware, and Wickersham continues its strategy of developing differentiated residential communities across the mid-Atlantic and Southeast regions. JLAM’s portfolio spans from Pennsylvania to South Carolina, and the firm is actively seeking additional development opportunities.
JLAM is a dynamic real estate firm that specializes in identifying, developing, and investing in properties where people want to be. Our focus is on differentiated real estate within three core strategies: for-sale residential community development, residential rental community development, and commercial acquisitions. The firm targets premier properties in select high-growth markets in the Southeast and mid-Atlantic US. As a direct investor and operator, JLAM is well-positioned to capitalize on favorable thematic factors, market dislocations, and contrarian investment opportunities. Click here to learn more about our investment strategy.