A Virginia-based company that develops, owns and operates apartments, condos and mixed-use projects has purchased St. Andrews Reserve Apartments in Wilmington in a $48.5 million deal.
Kettler, headquartered in McLean, Virginia, just outside Washington D.C., bought the 390-unit complex and associated parcels at 814 St. Andrews Drive on Oct. 31 from AGM Wilmington LLC, according to the New Hanover County deed.
Watson Bryant, Marc Robinson and Jordan McCarley of Cushman & Wakefield represented AGM Wilmington in the transaction.
“St. Andrews Reserve is located in Wilmington’s highest rent growth submarket, directly in the path of the city’s growth, making it an outstanding addition to Kettler’s diverse and growing portfolio,” Bryant said Monday.
AGM Wilmington bought the property for $33.3 million
St. Andrews Reserve was built in two phases, one in 1999 and the second in 2003, according to the Cushman & Wakefield listing of the property.
The listing also stated, "St. Andrews Reserve is in close proximity to the premier retail nodes and principal economic drivers of Wilmington -- an MSA characterized by rapid population growth, an expanding employment nucleus and attractive demographics."
According to Kettler's website, new St. Andrews Reserve owner Kettler has developed, acquired and renovated or planned and zoned nearly 20,000 apartments in garden, mid-rise, high-rise and mixed-use developments.
The site shows that Kettler has at least seven other multifamily properties in North Carolina, including two in Raleigh.