Institutional Property Advisors Brokers Sale and Arranges Financing for 216-Unit Multifamily Asset in Millville, Delaware
Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced April 8, 2026, the sale and financing of Ascend by the Sea, a 216-unit multifamily asset in Millville, Delaware.
Property Overview and Market Position
Completed in 2025 on more than 20 acres in Sussex County, Ascend by the Sea comprises seven residential buildings alongside a clubhouse, resort-style swimming pool, fitness center, bocce ball court, garage, and carwash. Individual units feature in-unit washers and dryers, walk-in closets, and private patios or balconies. The property is situated four miles from the Town of Bethany Beach and within a short drive of Rehoboth Beach and Ocean City.
Major employers in the area include TidalHealth, Beebe Healthcare, and Perdue Farms. Retail amenities nearby include Millville Town Center and Marketplace at Sea Colony, while the Salted Vines Vineyard & Winery is approximately one mile from the property and the Assawoman Bay Wildlife Area is in close proximity.
"Located in Sussex County, the fastest-growing county in Delaware and part of the Delmarva Peninsula coastal corridor, Ascend by the Sea has virtually no competition from other institutional-quality multifamily rental communities," said Bob Dean, IPA senior managing director. "Within a two-mile radius, the population has increased by nearly 14% since 2020 and over 1,100 new for-sale homes have been delivered or planned in the immediate area, yet Ascend by the Sea remains the only professionally managed, amenitized rental community of its caliber."
Brokerage Team and Financing
Bob Dean and Jonathan Greenberg of IPA, along with Andrew Townsend of Marcus & Millichap, in association with Timothy Stephenson Jr., Marcus & Millichap's broker of record in Delaware, represented the seller and procured the buyer. The sale price was not disclosed.
Brian Eisendrath, Cameron Chalfant, Jake Vitta, and Patrick Barker of IPA Capital Markets arranged acquisition financing for the transaction. Loan terms were not disclosed.
"Multifamily stock in the vicinity 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 competition," said Jonathan Greenberg of IPA.
About Institutional Property Advisors
Institutional Property Advisors is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA focuses on the acquisition, disposition, and financing of institutional properties and portfolios, combining investment sales and capital markets expertise with proprietary research and technology platforms.