Frankford, DE
Property Type: MultifamilySize: 216 Units
Price: See Broker for Details
CAP: See Broker for Details
Highlights:
- 216-Unit Newly Constructed Class A Multifamily Community in Frankford - Southern Delaware
- Brand New Best-in-Market Construction
- Unmatched Combination of Luxury Finishes, Robust Amenities, and Proximity to Premier Mid-Atlantic Resort Destinations
- Second Most Rapidly Expanding Beach Community on the East Coast
- With Limited Class A Supply, Rising Barriers to Homeownership, and Long-Term Demographic Shifts Favoring Coastal Lifestyle Destinations, Ascend by the Sea is Well Positioned for Outsized Rent Growth, Durable Occupancy, and Long-Term Capital Appreciation
Description:
Institutional Property Advisors is pleased to present Ascend by the Sea (“The Property”) - a rare opportunity to acquire a newly constructed, 216-unit Class A multifamily community in the heart of Delaware’s rapidly growing beach corridor. Delivered in 2025, the property offers an unmatched combination of luxury finishes, robust amenities, and proximity to premier Mid-Atlantic resort destinations—including Bethany Beach (4 miles, 10 minutes), Ocean City, MD (14 miles, 25 minutes), and Rehoboth Beach, DE (17 miles, 30 minutes).
Strategically located by the Delaware Beaches
A high-growth enclave of Sussex County, Ascend by the Sea benefits from strong demand fundamentals and virtually no institutional-quality rental competition. Within a two-mile radius, the population has increased by nearly 14% since 2020, supported by an influx of retirees, remote workers, and second homeowners opting for full-time residency. Over 1,100 new for-sale homes have been delivered or planned in the immediate area—underscoring robust housing demand—yet Ascend by the Sea remains the only professionally managed, amenitized rental community of its caliber.
Unmatched Combination of Luxury Finishes
The property features expansive floorplans with upscale interiors, including gourmet kitchens with quartz countertops, kitchen islands with built-in shelving, walk-in closets, and private balconies. A best-in-class amenity package—including a designer clubhouse, resort-style pool, fitness center, garage with carwash, and a unique firepit lounge with wood-inlaid walls—further differentiates the asset from local offerings.
Investment Opportunity
From a market perspective, Sussex County and the Delaware Beaches generate nearly $7 billion annually in tourism-related activity, fueling strong local employment and service demand. At the same time, Delaware’s favorable tax environment, low cost of living, and absence of sales tax continue to attract new residents from neighboring states. Multifamily stock in the area is projected to grow by just .04% annually over the next three years, with most deliveries concentrated in small, non-institutional developments—further insulating Ascend by the Sea from new competition.
With limited Class A supply, rising homeownership barriers, and long-term demographic shifts favoring coastal lifestyle destinations, Ascend by the Sea is well positioned for outsized rent growth, durable occupancy, and long-term capital appreciation. The offering presents institutional investors with the opportunity to secure a stabilized, luxury coastal asset in a supply-constrained submarket with enduring appeal and significant upside.
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