On South 17th Street, a Charlotte development firm plans to create 270 apartments after closing Wednesday on a nearly 8-acre tract.
DPJ Residential, which has two other apartment projects in Wilmington, bought the 7.79 acres at 1625 S. 17th St. for $3.5 million from limited liability company 17th Street WPG LLC.
The site is set to hold 17 Social, an apartment complex that includes 1,500 square feet of commercial space.
17 Social is planned to have 179 one-bedroom apartments and 91 two-bedroom units, according to a rendering. Rents are anticipated to range from $1,175 to $1,350 per month for one-bedroom apartments and $1,495 to $1,795 for two bedrooms, said Porter Jones of DPJ Residential.
Amenities include a two-story fitness center, dedicated co-working space, resort-style, saltwater swimming pool, a putting green, bocce ball and a covered bike barn with the capacity to store more than 100 bikes.
“The property was selected due to the limited options for housing in the immediate area for healthcare professionals and millennials new to the midtown market,” according to a news release from Eastern Carolinas Commercial Real Estate.
DPJ Residential was represented in the purchase by Nicholas Silivanch and David Branton of ECCRE, and the seller was represented by Teresa Huffmon of Coldwell Banker Commercial Sun Coast Partners.
17 Social marks the third development in Wilmington for DPJ Residential. The other two are the existing Mayfaire Flats and the Flats on Front, which are currently under construction in downtown Wilmington by the northern riverfront and slated to open later this year.
More area projects could be in DPJ Residential’s future. The release stated, “Eastern Carolinas Commercial Real Estate continues its efforts to find additional sites for DPJ Residential throughout the Wilmington Metro Area.”
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