CSW Luxor VI Wilmington LP, an entity affiliated with Fort Washington-based Westrum Development, has acquired a 3.49-acre site in Wilmington for $3.3 million and plans to build a 193-unit apartment complex on the property, writes Natalie Kostelni for the Philadelphia Business Journal.

The site located at 340 S. Market Street near Wilmington riverfront was sold by E-Tegos LLC of Newark, Delaware. The property is home to a vacant, single-story warehouse constructed in 1970 that totals 17,500 square feet.

“Right now, there continues to be a major appetite for apartment development sites in the city of Wilmington,” said John Hickey, a broker with NAI Emory Hill, who represented E-Tegos in the transaction. “This is not just a real estate transaction but it’s an important, strategic moment in the development of that corridor. That’s the direction Wilmington is growing.”

Westrum was represented by Rick Gordon and Zena Charakopos of NAI Mertz in the acquisition of the property.

Wilmington is working on the transformation of its waterfront and is planning to spend around $100 million over the next several years on infrastructure and various other improvements.

Read more about Westrum Development located at 340 S. Market Street near Wilmington riverfront in the Philadelphia Business Journal.