Institutional Property Advisors Brokers Sale and Arranges Financing for Mid-Atlantic Multifamily Asset
April 08, 2026
MILLVILLE, Del., April 8, 2026 – Institutional Property Advisors (IPA) announced today the sale and financing of Ascend by the Sea, a 216-unit multifamily asset in Millville, Delaware.
“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.” 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. Brian Eisendrath, Cameron Chalfant, Jake Vitta, and Patrick Barker of IPA Capital Markets arranged acquisition financing.
“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 Greenberg.
The property is four miles from the Town of Bethany Beach, within a short drive of Rehoboth Beach and Ocean City. Employers nearby include TidalHealth, Beebe Healthcare, and Perdue Farms. Shopping is close by at Millville Town Center and Marketplace at Sea Colony. The Salted Vines Vineyard & Winery is a mile from the property, and the Assawoman Bay Wildlife Area is nearby.
Completed in 2025 on over 20 acres, Ascend by the Sea is a seven-building community with a clubhouse, resort-style swimming pool, fitness center, bocce ball court, garage, and carwash. Apartments have washers and dryers, walk-in closets, and a patio or balcony.
“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.” 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. Brian Eisendrath, Cameron Chalfant, Jake Vitta, and Patrick Barker of IPA Capital Markets arranged acquisition financing.
“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 Greenberg.
The property is four miles from the Town of Bethany Beach, within a short drive of Rehoboth Beach and Ocean City. Employers nearby include TidalHealth, Beebe Healthcare, and Perdue Farms. Shopping is close by at Millville Town Center and Marketplace at Sea Colony. The Salted Vines Vineyard & Winery is a mile from the property, and the Assawoman Bay Wildlife Area is nearby.
Completed in 2025 on over 20 acres, Ascend by the Sea is a seven-building community with a clubhouse, resort-style swimming pool, fitness center, bocce ball court, garage, and carwash. Apartments have washers and dryers, walk-in closets, and a patio or balcony.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.