Print
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."

Ico insights

INSIGHTS

SPONSORS' CONTENT
Burrus rob headshot 300x300

Masters Of Science In Finance 4+1 Program At The Cameron School Of Business

Robert Burrus - Cameron School of Business - UNC-Wilmington
Natalieenglish headshot

Catalytic Leadership

Natalie English - Wilmington Chamber of Commerce
Andybasingerliveoakprivatewealth headshot

Finding A Cure Instead Of Treating A Symptom

Andy Basinger - Live Oak Private Wealth

Trending News

Area Restaurants Announce Temporary Closures

Jessica Maurer - Jan 13, 2021

Developer Revisits The Avenue’s Phases

Cece Nunn - Jan 12, 2021

Tomsic Assumes New Position With Dogwood State Bank

Jenny Callison - Jan 13, 2021

More COVID-19 Vaccine Doses Arrive, Providers Added To Administer Shots

Vicky Janowski - Jan 13, 2021

Las Margaritas Bar Y Grill Opens On New Centre Drive

Jessica Maurer - Jan 13, 2021

In The Current Issue

Top 10 Most-read Stories Of 2020

The most-read stories of 2020 run the gamut from filming in Wilmington to some of the latest news about Port City-based firm Next Glass....


Bike Shop Owner Rides To Success

Since she left the corporate world less than 10 years ago, Diane Hodapp has been on a roll....


USDA, NC Organization Honor Live Oak Bank

In mid-December, the U.S. De­partment of Agriculture Rural Department named Live Oak Bank its top 2020 commercial lender....

Book On Business

The 2020 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2020 Health Care Heroes
2020 WilmingtonBiz 100