Real Estate - Residential

In $34M Deal, Firm Buys Student Housing Near UNCW

By Cece Nunn, posted May 5, 2016
A real estate investment firm based in Connecticut bought student apartments near University of North Carolina Wilmington recently in a $34.2 million deal, a deed recorded in New Hanover County shows.  

Realco Capital Partners purchased Carolina Cove, a 228-unit, 600-bed apartment community at the corner of Randall Parkway and South Kerr Avenue, for $150,000 per unit or $57,000 per bed.

That’s the second highest per-unit and per-bed sale price for a student housing project in Wilmington, said Richard Cotton, a broker and managing director of Multifamily Realty Advisors.

Cotton was not involved in the Carolina Cove transaction but studies the Wilmington and Triangle apartment markets, compiling quarterly and yearly reports on sales and apartment development.

Efforts to reach a representative of Realco Capital Partners were not immediately successful this week. The former owner of Carolina Cove, which was built in 2013, was Bradley Family Investors of Roanoke, Virginia, according to the deed.

The highest sale price for student housing in the Wilmington area was paid for Camden Forest, on Lullwater Drive at Greenway Avenue, which sold in December 2013 for $163,462 per unit or $64,394 per bed, according to records compiled by Cotton, the seller’s broker in the Camden Forest deal. 

Of the 2,802 apartments completed in Wilmington from 2013 to 2015, 760 were student housing, according to the first-quarter 2016 report from Multifamily Realty Advisors.

Aspen Heights, a student housing community with 400 beds in duplexes and four-bedroom cottages, is currently under construction in the 300 block of South Kerr Avenue near UNCW.

Story On The Map

Ico insights


20180514 104209 51418120638

What is SOLA?

Steve Adams - School of Learning Arts

How a Divorce Can Impact Your College Planning

Brett Tushingham - Tushingham Wealth Strategies

Market Update

Tyson Emery - KBT Realty

Trending News

A First Peek At Downtown Wilmington's Latest Luxury Apartment Plans

Cece Nunn - Jul 12, 2018

Cameron Land Firm Sues DOT Over Previous Restrictions On 1,800 Acres

Cece Nunn - Jul 13, 2018

Realtors Describe Thriving Market, Concerns For Future

Cece Nunn - Jul 13, 2018

Former Rite Aid Locations In Wilmington Available For Lease

Johanna Cano - Jul 13, 2018

What’s Next In Local Grocery Wars?

Cece Nunn - Jul 13, 2018

In The Current Issue

What’s Next In Local Grocery Wars?

The Cape Fear region is likely to remain a tempting prospect for grocery store chains considering areas for growth, developers say, although...

Talking Tariffs

As the United States navigates a trade war, some local companies and officials are keeping a close eye on the effects of the country’s trade...

Wilmington Health Cardio Lab Earns Reaccreditation

Wilmington Health Cardiology’s echocardiography lab recently earned three-year echocardiography reaccreditation in Wilmington....

Book On Business

The 2018 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!



2018 Power Breakfast - Dishing on the Restaurant Biz
2018 WilmingtonBiz Expo - Keynote Lunch with Eric Dinenberg, Rouse Properties
2017 Health Care Heroes