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Real Estate - Residential

Crews Begin 2nd Phase Of Mayfaire Flats

By Cece Nunn, posted Mar 3, 2017
The first phase of Mayfaire Flats is expected to be complete this week, and work has begun on the second phase. (Photo by Cece Nunn)
The newest luxury apartments in the Landfall-Mayfaire submarket are expected to be finished this week, and crews started clearing adjacent property for the second phase of Mayfaire Flats last week.

Mayfaire Flats I, 1813 Sir Tyler Drive, includes 120 units and 1,349 square feet of retail/office space. Developer Porter Jones of DPJ Residential said the first phase is 25 percent leased, and he expects the second phase to be finished by late in the first quarter or early in the second quarter of 2018.

"In addition to simply adding another 119 units, Mayfaire Flats II will also have a heated lap (exercise) pool for residents to use all year round. It will also feature a 2-story Clubroom, which will include a full professional grade demonstration kitchen as well as an elevated outdoor terrace with gas grills and an indoor/outdoor bar. Residents at Phase 1 will be able to use any amenity at Phase 2 and vice-versa," Jones said in an email.

DPJ Residential bought the 4.1 acres for Mayfaire Flats II for $1,755,425, Jones said.  
 
He said in Mayfaire Flats II, 44 percent of the apartments have one bedroom, with rents ranging from $975 to $1,300 and 56 have two bedrooms with rents ranging from $1,550 to $1,725, Jones said. 
 
Like the first phase, Mayfaire Flats II is a four-story building with two elevators.

More than 4,000 apartments are either under construction or in planning stages in Wilmington and the surrounding areas.

"We are keeping a close eye on the apartment market in Wilmington as there has been more development in the last few years than historical averages support," Jones said in the email.

But more DPJ Residential projects could be on the horizon.

"We are looking for more opportunities in Wilmington and are targeting both downtown as well as additional land around the Mayfaire area," he said.

Jones said that most Mayfaire Flats I residents are people "moving to Wilmington who want to lease for a year before they decide where they want to buy a home. Others are folks who have been living in a house in Wilmington and simply want a more maintenance-free, resort-style lifestyle (aka 'downsizers')."

Bell Partners is the management company for Mayfaire Flats, and the builder is Harold K. Jordan & Company Inc.

The retail/office space in Mayfaire Flats I, at 1817 Sir Tyler Drive, is available for lease and listed by Hae Newkirk, a principal and broker with Commonwealth Commercial Properties of Wilmington.

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