The Helm and Deemer’s Landing Apartments will be preserved as a high-quality asset for essential workers in New Castle, Delaware
Camden, NJ, Dec. 17 — The Michaels Organization, a national leader in residential real estate and the country’s largest privately held owner of affordable housing, has acquired The Helm and Deemer’s Landing Apartments. A significant expansion of Michaels’ Attainable Housing portfolio, the acquisition will preserve 220 units of much-needed middle-income housing in New Castle, Delaware.
“As housing costs continue to outpace wage growth across the Mid-Atlantic, this acquisition ensures that this community remains an asset to the neighborhood and continues to provide high-quality, stable housing for essential workers, including teachers, healthcare professionals, and first responders who often earn too much for traditional housing subsidies but are priced out of luxury market-rate rentals,” said Kunal Chothani, The Michaels Organization’s Senior Vice President of Acquisitions.
The Helm and Deemer’s Landing comprise two apartment buildings, offering 220 apartment homes, along with modern amenities and a prime location in the heart of Old New Castle for the local workforce. Under the new ownership, Michaels will leverage its full-service capabilities—spanning investment, property management, and resident services—to ensure the community remains a vital, high-quality asset for the New Castle region.
Michaels, which is headquartered in Camden, New Jersey, has long been active in developing and managing communities in Delaware. By focusing on acquisitions as well as development, Michaels is spearheading solutions that expand housing opportunities for those who are often priced out of the areas where they want to live and work.
“Expanding our footprint in Delaware with attainable housing solutions is a critical step in addressing the regional housing crisis,” said Chothani. “By preserving attainable housing, we are directly aligning with our mission of Creating Communities that Lift Lives.”
Raymond James served as an investor. Financial details of the transaction were not disclosed.
