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Real Estate - Residential

Riverlights Apartment Complex Sells For Nearly $64M

By Cece Nunn, posted Oct 28, 2021
Mosby at Riverlights, which will be renamed Oasis at Riverlights, sold for $63.8 million. (Photo courtesy of Middleburg Communities)
A Florida firm bought an upscale apartment complex in Wilmington for nearly $64 million, according to an announcement Thursday.

Middleburg Communities of Vienna, Virginia, a real estate investment, development and management company, sold Mosby at Riverlights, 4027 Watercraft Ave., to RAS Realty Partners.

As part of a new branding initiative, Boca Raton-based RAS will rename the 250-unit, class A apartment complex "Oasis at Riverlights."

RAS Managing Partners Michael Heller and Adam Heller said in a statement in the release, “As long-term owners focused on adding value to our surrounding areas, RAS is excited to [add] Mosby at Riverlights to our expanding portfolio of class A properties. We anticipate a tremendous amount of growth in the Wilmington submarket, and are looking forward to developing a strong presence in the area for years to come."

Mosby at Riverlights, developed by Middleburg Communities and completed earlier this month, features large one-, two- and three-bedroom units centrally located within Riverlights. The average monthly rent is $1,600.

Riverlights is a 1,400-acre master-planned community that includes single-family homes and a mixed-use Marina Village with apartments and restaurants and other businesses.

Mosby has resort-style amenities, including a pool with outdoor cabanas, an 8,000-square-foot, two-level clubhouse with terraces and an outdoor kitchen with grilling areas.

“Mosby at Riverlights was designed to take full advantage of the remarkable setting within the Riverlights master planned community, steps from the Cape Fear River,” said Kory Geans, Middleburg Communities chief investment officer, in the release.

RAS specializes in multifamily assets, concentrating activity in metropolitan areas in the Southeast region, as well as considering acquisitions in other regions that meet investment guidelines, the release stated.

Founded in 2014, RAS Realty Partners "has created a diversified portfolio of well-located, quality class A & B middle-market properties at a low-cost basis, representing over $300 million in assets under management," according to the release.
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