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Real Estate - Residential

In $30M Deal, Firm Buys Rental Townhome Community In Wilmington

By Cece Nunn, posted Apr 9, 2018
A private equity firm has purchased Myrtle Landing on Myrtle Grove Road in Wilmington. (Photo courtesy of Cushman & Wakefield)
A private equity firm has purchased a rental townhome community in Wilmington for a little over $30 million.

Spyglass Capital Partners bought Myrtle Landing, a 144-unit townhome neighborhood at 7220 Myrtle Grove Road in Wilmington, in a $30.25 million transaction, according to a deed registered in New Hanover County.

Built last year, Myrtle Landing was developed and sold to Spyglass by Wilmington-based Tribute Companies. Jordan McCarley, Watson Bryant and Paul Marley of Cushman & Wakefield represented Tribute Companies in the transaction.

Mark Maynard Sr., president and CEO of Tribute Companies, said in a news release, "While we are primarliy long-term owners, the sale of Myrtle Landing has been a success for Tribute. We think Wilmington is a great place to invest and we look forward to increasing our investment with several exciting new projects in the pipeline."

Spyglass Capital Partners is described on the company's website as "a niche private equity firm that focuses solely on value-add multifamily investments."

Adam Cohen, president of Spyglass Capital, said in an email Monday that he was drawn to Myrtle Landing "because of how well it fit the target demographic."

He said the community "appeals to pet owners who can take advantage of the area's largest enclosed private patios and two bark parks."

Cohen wrote that the community appeals to retirees, "the largest source of migration to the area, who want single-level living with no neighbors above or below in a location that's closest to the area's premier beaches." 

It also draws young famillies, "who will appreciate the unique cottage-style housing of just three units per building, low density (2.5 units an acre, lowest in the submarket) and the curb appeal of a cluster of new homes in a cul-de-sac," Cohen wrote.

The plan, Cohen wrote, "is to create an amenity package to rival the largest properties in the submarket to achieve best-in-market retention for this unique townhome product that offers a compelling alternative" to existing three-story garden-style apartment communities.

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