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Real Estate - Residential

Region’s Apartment Bonanza Rolls On

By J. Elias O'Neal, posted Jan 14, 2014
More than 1,200 apartment units are currently under construction throughout the greater Wilmington area, nearly doubling the number of units being constructed this time last year, according to a recent report.

Raleigh-based Multifamily Realty Advisors LLC, a regional commercial real estate firm that focuses on and tracks apartment brokerage and development in the Triangle and Wilmington areas, reported a record 1,260 new apartment units currently under construction in the Wilmington market.

That’s up from 690 units completed by this time last year, or an 83 percent spike, according to the report.

There are currently 1,271 apartment units in various stages of permitting and planning, the report said.

An overwhelming number of the new units being constructed and planned are located in Wilmington near the University of North Carolina Wilmington campus, Mayfaire and Landfall. Northern New Hanover County, especially in the Porters Neck and Ogden areas, is also seeing increased activity.  

One of the largest apartment communities being proposed is located in Porters Neck.

Officials with Greensboro-based ACI Pine Bluff LLC are requesting a special use permit to allow for residential uses within its current B-1 commercial zoning to construct a 273-unit apartment community as part of a 37.9-acre mixed-use development, according to county documents.   

The vacant property is in the 100 block of Porters Neck Road and abuts a Lowe’s Home Improvement store near the Porters Neck Road and Market Street intersection.

Plans for the development, called Porters Neck Crossing, call for the apartment component to include 13 three-story buildings, four residential parking garages, a clubhouse and other community amenities, according to county documents. Five separate buildings are also being planned to incorporate 40,000 square feet of commercial space for future restaurants and retail.

The New Hanover County Planning Board will review the developer’s request during its Feb. 6 meeting.  

Meanwhile, Belville also is slated to see new apartment development in Brunswick County.

Belville Planning Board members unanimously approved a 114-unit apartment development during its meeting in December.  

Having initially dubbed its development the River Road Apartments, Urban Smart Growth, which owns the property, plans to construct five three-story buildings on an 11.54-acre tract at 245 River Road SE. The development will also include a clubhouse and pool.  

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