Cape Fear Realtors announced Monday that the organization recently bought the lot next to its building on Sir Tyler Drive in Wilmington, The Terraces on Sir Tyler, to expand the amount of parking at the facility.

Robust growth in homes sales across the region has driven CFR membership to an all-time high of 2,458 Realtors, a 13 percent increase from last year and a 45 percent increase in membership over the past five years, according to a CFR news release.

Purchased by CFR for $830,000 from Dennis Anderson on May 11, according to New Hanover County property tax records, the lot could give the organization an estimated 50 additional parking spaces at The Terraces. 

“Our area is growing rapidly and so are we. CFR members need to stay ahead of industry advances by attending education courses and hosting community-related events held at The Terraces on Sir Tyler, CFR-owned building,” said CFR President Fred Gainey in the release. “Membership growth has increased class attendance, so we need more parking.”

The 1-acre piece of wooded property, which has an office and institution zoning designation, is at 1818 Sir Tyler Drive between Atlantic Animal Hospital and The Terraces on Sir Tyler.

"This area is one of the fastest-developing, most desired commercial areas in Wilmington," the release stated. "Other developments in the area include the Renaissance Market project across from Mayfaire Town Center and the soon-to-open Earth Fare health food grocery store."

The Terraces on Sir Tyler is at 1826 Sir Tyler Drive, and in addition to housing CFR, the facility serves as a venue for weddings, meetings and social events.