Real Estate - Residential

Apartments On Randall Parkway Sell For $36.5M

By Cece Nunn, posted Nov 20, 2020
Pinewood Apartments on Randall Parkway in Wilmington recently changed hands. (Photo courtesy of Marcus & Millichap)
An apartment complex near the University of North Carolina Wilmington sold recently for $36.5 million.

Friedlam Partners of Teaneck, New Jersey, bought Pinewood Apartments from Greensboro-based Pinewood LLC.

Pinewood, located on Randall Parkway, has 384 units in 48 buildings.

Marcus & Millichap (NYSE: MMI), a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale this week. 

“At the time of the sale, Pinewood Apartments was 94% occupied and rent collections during the pandemic have been good,” said Drew Babcock, the listing agent and first vice president of investments in Marcus & Millichap’s Columbia office, in a news release. “The property has a long history of solid performance and its desirable townhome design and location make it an exceptional long-term investment with clear value-add potential.”

Babcock represented Pinewood LLC and procured the buyer.

"Wilmington is considered to be a great rental market," Babcock said in an email Thursday. "The area offers a high quality of life which drives people to want to live and visit the area."

Babcock added, "The market is kind of a tough nut to crack from an investment standpoint. There’s just not many opportunities for buyers because the current stock of owners are comfortable with their investments. Capital is knocking on the door trying to enter port cities like Wilmington, Charleston, and Savannah."

Built in 1981, Pinewood is less than a half-mile from UNCW and within walking distance of numerous shopping and dining options, the release pointed out.

"There are three grocery stores within a mile and Wrightsville Beach and Carolina Beach are only a short drive away," the release stated. "The property consists of 96 one-bedroom/one-bath units and 288 two-bedroom/one-bath units. Each apartment has direct access ground-floor entry, a fully-equipped kitchen and a back patio."

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