Print
Real Estate - Residential

Apartment Market Roundup: $30M In Recent Sales And A Joint Venture

By Cece Nunn, posted Jul 2, 2021
Hawthorne Centre North is one of two Wilmington apartment complexes purchased by Priderock Capital Partners (Photo courtesy of Cushman & Wakefield)
The Wilmington apartment market continues to draw development and investors.

Cushman & Wakefield announced Thursday that the commercial real estate services firm arranged the sale of two Wilmington apartment communities, Hawthorne Centre North and Hawthorne Lofts South.

The buyer, Priderock Capital Partners, a private multifamily asset manager, paid nearly $30 million for the properties.

Hawthorne Centre North, which has 158 units at 5208-02 Ringo Drive, was built in 1996 and sold for $19.8 million, according to a deed. Built in 1990, Hawthorne Lofts South, 352 Red Wing Lane, has 78 units and sold for $9.9 million, a deed showed. 

According to the Cushman & Wakefield release, both properties are top performers in their submarket with a 98% occupancy average over the past 15 months. 

Watson Bryant, Paul Marley and Hunter Bowling of Cushman & Wakefield represented the seller, Hawthorne Residential Partners, in the transaction. 

“Hawthorne Centre North and Hawthorne Lofts South offer an incredible opportunity for future organic growth, as well as prime platforms for value-add initiatives,” Marley said in the release. “Wilmington has exploded in population due to in-migration accelerated by the pandemic and will continue to draw remote workers who love the affordable beach lifestyle.”

In other apartment news, Element Barclay JV2 LLC contributed land at George Anderson and Chippenham drives to Wilmington Three Phase A LLC for $4.29 million, according to a deed. Wilmington Three Phase A is a joint venture between Wilmington-based Cameron Management and Childress Klein, a development firm that has offices in Charlotte and Atlanta.

The companies are building 286 apartments in an as-yet-unnamed complex on 18 acres. They previously partnered on nearby Element Barclay, a 405-unit apartment complex.

“The [Wilmington] market has been terrific,” said Kelly Dunbar, partner with Childress Klein. “We've seen a high demand for high-end luxury apartments as indicative of the traffic and leasing at Element Barclay. And we’re excited to bring another outstanding apartment community to Wilmington in that submarket.”

Construction on the midtown Wilmington site is underway and could be complete in 12 months, said Hill Rogers, broker in charge of Cameron Management.

The clubhouse and amenity center could be finished by the first of the year and the first buildings in lease-up in late winter or early spring.

Of the lease-up expectations for the new project, Rogers said, “If demand maintains its current levels then we feel very good about it. We see no reason to believe that that will change.”

The architect for the apartment development is Charlotte-based The Housing Studio, and Harold K. Jordan & Co. Inc. will be the general contractor. Josh Mihaly is the land planner and landscape architect, and Paramounte Engineering is the civil engineer.
Ico insights

INSIGHTS

SPONSORS' CONTENT
Jasonpathfinder3

What You Need to Know About SECURE 2.0 and Its Effect on Retirement Plans

Jason Wheeler - Pathfinder Wealth Consulting
2022052 75 142344351

Bridging Futures: The Case for Toll Funding in Wilmington’s Cape Fear Memorial Bridge Revamp

Natalie English - Wilmington Chamber of Commerce
Tommytaylor ceo unitedway

How Philanthropy Fits Into Your Financial Plan

Tommy Taylor - United Way

Trending News

Conservation Group Signs $8M Deal To Buy The Point On Topsail Island

Audrey Elsberry - Mar 26, 2024

National Organization Bestows Top Award On Cape Fear Professional Women In Building

Staff Reports - Mar 26, 2024

Engineering Firm Hires Four Employees

Staff Reports - Mar 26, 2024

N.C. Ports Officials React To Baltimore Bridge Collapse

Audrey Elsberry - Mar 26, 2024

NCino's Fourth-quarter Earnings Signal Rebound From Liquidity Crisis

Audrey Elsberry - Mar 27, 2024

In The Current Issue

Q&A: Andrews Reflects On Leadership

Pender County Manager David Andrews is slated to retire this summer after 33 years in local government....


MADE: Polyhose Inc.

Polyhose manufactures and fabricates hose protection, paint hose assemblies and rubber hydraulic assemblies from its Pender County facility....


Hacking Cyberdefense Shortage

A shortage of cybersecurity professionals influenced professor Ulku Clark and her team to slowly evolve UNCW’s offerings to now include eigh...

Book On Business

The 2024 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2023 Power Breakfast: Major Developments