Print
Real Estate - Residential

Apartments On St. Andrews Drive Sold To Virginia Firm

By Cece Nunn, posted Nov 5, 2018
A firm just outside of Washington D.C. has purchased St. Andrews Reserve Apartments in Wilmington. (Photo courtesy of Cushman & Wakefield)
A Virginia-based company that develops, owns and operates apartments, condos and mixed-use projects has purchased St. Andrews Reserve Apartments in Wilmington in a $48.5 million deal.

Kettler, headquartered in McLean, Virginia, just outside Washington D.C., bought the 390-unit complex and associated parcels at 814 St. Andrews Drive on Oct. 31 from AGM Wilmington LLC, according to the New Hanover County deed. 

Watson Bryant, Marc Robinson and Jordan McCarley of Cushman & Wakefield represented AGM Wilmington in the transaction.

“St. Andrews Reserve is located in Wilmington’s highest rent growth submarket, directly in the path of the city’s growth, making it an outstanding addition to Kettler’s diverse and growing portfolio,” Bryant said Monday.

AGM Wilmington bought the property for $33.3 million in 2015.

St. Andrews Reserve was built in two phases, one in 1999 and the second in 2003, according to the Cushman & Wakefield listing of the property. 

The listing also stated, "St. Andrews Reserve is in close proximity to the premier retail nodes and principal economic drivers of Wilmington -- an MSA characterized by rapid population growth, an expanding employment nucleus and attractive demographics."

According to Kettler's website, new St. Andrews Reserve owner Kettler has developed, acquired and renovated or planned and zoned nearly 20,000 apartments in garden, mid-rise, high-rise and mixed-use developments.

The site shows that Kettler has at least seven other multifamily properties in North Carolina, including two in Raleigh.
Ico insights

INSIGHTS

SPONSORS' CONTENT
Mike stonestreet 300x300

Play it Safe When Planning Summer Celebrations

Mike Stonestreet - CAMS (Community Association Management Services)
Brett

Don’t Be Part of the Student Loan Problem

Brett Tushingham - Tushingham Wealth Strategies
Nealjohnson 12191614553

What's the Role of the HOA?

Neal Johnson - Network Real Estate

Trending News

Public Private Partnership Would Add Student Housing At UNCW

Cece Nunn - Nov 19, 2018

Health Care Heroes Award Winners Announced

Staff Reports - Nov 19, 2018

Airports, Roads Expected To Be Busy With Thanksgiving Travelers

Christina Haley O'Neal - Nov 19, 2018

In The Current Issue

Wilmington Hotel Completes Renovations

The Holiday Inn Express & Suites Wilmington-University Center was redesigned inside and out, over a six-month period....


Tourism Officials Work To Bring Visitors Back

As the region continues to recover from Hurricane Florence, the Wilmington and Beaches CVB recently announced a plan to get the industry bac...


Tides Changing For Hampstead Boatbuilder

A Hampstead boating building company that makes semi-custom vessels is growing in the offshore and tournament fishing market....

Book On Business

The 2018 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2018 Power Breakfast - Dishing on the Restaurant Biz
2018 WilmingtonBiz Expo - Keynote Lunch with Eric Dinenberg, Rouse Properties
2017 Health Care Heroes