Public documents show that in 2021, Telesis Corporation requested Low Income Housing Tax Credits to rehabilitate Jervay Place, on Wilmington’s south side.
The DC-based development company told WHQR that the Wilmington Housing Authority later decided to return those credits; Telesis then sold the property back to WHA at the end of December.
According to sale deeds, a nonprofit run by WHA purchased the 100-unit complex, and several other multifamily projects in Wilmington also owned by Telesis, for nearly $18.8 million. That number is based on the $37,591 excise tax payment recorded on the deed, with excise tax being $1 per $500 in sale price (WHA did not dispute the figure).
The additional properties include a 1.175-acre development on Covil and Broad, the 2.237-acre Adams Street development in Sunset Park, and a water tower on Dawson and 10th streets.
WHA owned the land under Jervay before Telesis built on it. In 2002, the land was transferred from WHA to Telesis (operating through a limited partnership called New Dawson) for no cost, and Telesis took the lead in developing the property. According to property records, WHA helped pay a portion of the development costs. In early 2019, Telesis founder and president Marilyn Melkonian (who passed away in February 2024) said her company owned 66 units and WHA owned 23.
This new purchase seems to follow WHA’s goal of reasserting full management control over its housing stock in the city. WHA said it was excited about purchasing Jervay. A spokesperson said the authority was working with HUD, but declined to comment on details about financing the nearly $19-million deal.
