On land across from Mayfaire Town Center, a Charlotte-based company that owns and develops apartment communities plans to build a four-story, 121-unit complex this fall, according to site plans submitted to the city of Wilmington and the developer's website.
DPJ Residential, a firm that specializes in boutique-sized, or 50- to 150-unit, multi-family projects, has proposed Westfall Park Apartments for a 3.36-acre parcel at 1817 Sir Tyler Drive, the site plans and the company’s website say.
The company currently has the land, owned by Stewart Realty Investments LLC, under contract and expects to start construction on Westfall Park Apartments in October 2015, according to dpjresidential.com.
New Hanover County tax records say the property’s 2015 value is $987,800 and show a last sale price, paid by Westfall I LLC to Westfall Research Park 36 Acre LLC, of a little more than $2 million in December 2008.
The apartments’ site plans, posted Tuesday on the city of Wilmington’s project tracking website, say 80 of the apartments would be one-bedroom units while 41 would have two bedrooms. The documents also show a 1,521-square-foot commercial area, club area, 700-square-foot pool and an outdoor courtyard.
Norris & Tunstall Consulting Engineers of Wilmington is listed as the civil engineer on the project and Cline Design Associates of Charlotte as the architect.
Calls to DPJ Residential to ask for more details on the project, such as rent estimates, were not immediately returned Wednesday.
After several years of a limited number of projects, apartment developers have been making up for lost time in recent months, according to the latest Wilmington-area apartment market analysis by Multifamily Realty Advisors. The report released this month says at least 1,1051 apartments are currently under construction and at least another 1,754, not including Westfall Park Apartments, are proposed in New Hanover County.
"The demand for new apartments in Wilmington has proven to be exceptionally strong," the Multifamily Realty Advisors analysis says.
The city of Wilmington's Technical Review Committee could consider the Westfall Park Apartments proposal this month, according to the city's project tracking website.