Print
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.

Story On The Map

Ico insights

INSIGHTS

SPONSORS' CONTENT
Dallas headshot 300x300

Working Backward: 3 Questions to Ask About Your Planning

Dallas Romanowski - Cornerstone Business Advisors
Headshot2

The Benefits of Creating Business Relationships with Colleges

Dani Somers - North Carolina Wesleyan
Mike stonestreet 300x300

Leasing in a Community Association

Mike Stonestreet - CAMS (Community Association Management Services)

Trending News

Two New Hanover County Departments To Merge This Summer

Jenny Callison - Mar 19, 2019

Statewide Conference To Pack Pender Lodgings

Jenny Callison - Mar 18, 2019

Wilmington-based Bloom Launches Crowdfunding Campaign

Johanna Cano - Mar 19, 2019

TowneBank Affiliates Move Into Expanded Permanent Quarters

Jenny Callison - Mar 18, 2019

A February Dip For Home Sales In Brunswick, Pender Counties

Cece Nunn - Mar 18, 2019

In The Current Issue

Bar, Shop Help Bridge A Wine Gap

Bridgewater Wines is one of the newest additions to the Cape Fear region’s food and drink scene. Husband and wife Doug and Susan Zucker open...


Storm Repairs Boost Battleship

The more than 35-year-old visitors center, which greets thousands annually before they board the memorial warship, is getting a major makeov...


LP Supplies The Construction Industry

A look at what Louisiana-Pacific Corp. (LP), which has been in Wilmington since 1985, makes and sells....

Book On Business

The 2019 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

Transporting the Future - Power Breakfast 3.12.2019
Health Care Heroes 2018
2018 WilmingtonBiz Expo - Keynote Lunch with Eric Dinenberg, Rouse Properties