Print
Real Estate - Residential

Charleston Investors Buy Wilmington Apartments For More Than $67M

By Cece Nunn, posted Feb 9, 2024
Amberleigh South off Market Street in northern New Hanover County changed hands at the end of January. (Photo courtesy of Amberleigh South)

Charleston, South Carolina-based investors paid $67.75 million for an apartment complex in Wilmington, according to a deed recorded Jan. 30.

Amberleigh South, 115 Amberleigh Drive off Market Street in northern New Hanover County, has more than 280 units, said Thomas Wagoner, CFO of Middle Street Partners (MSP), in an email.

Wagoner’s firm is a real estate investment and development company focused on the Southeastern United States. 

According to MSP’s website, “Since inception, MSP has sponsored…over $2 billion of investments in multifamily and development. “

Founded in 2009 in Charleston, MSP launched in Charlotte in April last year under director of development David Yowell, according to a Triangle Business Journal story. The article quoted Yowell as saying, “Given the intricacies of multifamily here in Charlotte, it makes sense to have a local presence. Throughout the market turbulence and throughout the better part of two years now, North Carolina is still high growth.”

In addition to Charleston, MSP has offices in Atlanta, Orlando, Tampa, Nashville, Charlotte, and Austin, according to a news release about a Venice, Florida, investment in January.

“Development and investment properties owned by MSP span South Carolina, North Carolina, Georgia, Texas, Tennessee and Florida, with anticipated continued expansion throughout the Sun Belt region,” the release stated.

In Wilmington, MSP bought Amberleigh South from Flournoy Development Group, which completed the construction of Amberleigh South in 2020, according to Flournoy’s website. Based in Columbus, Georgia, Flournoy also developed nearby apartment complex Amberleigh Shores.

According to Apartments.com, rents for one- to three-bedroom apartments range from nearly $1,300 to almost $2,500.

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
Chris coudriet

Community Input Is Crucial To Guiding The Model Of Good Governance

Chris Coudriet - New Hanover County Government
Burrus rob headshot 300x300

Spreading Wings for Flight: 2nd Annual Trade Show Highlights the Ingenuity of UNCW Business Students

Robert Burrus - Cameron School of Business - UNC-Wilmington

Trending News

EPA Makes $3B National Announcement At Port Of Wilmington

Audrey Elsberry - Feb 28, 2024

OsteoStrong Opens On College Road In Wilmington

Emma Dill - Feb 28, 2024

Patricia Kusek Resigns From Endowment Board

Audrey Elsberry - Mar 1, 2024

Polyhose To Double The Size Of Its Wilmington-area Facility

Emma Dill - Feb 29, 2024

Report Finds Economic, Environmental Impact Of N.C. Railroads

Audrey Elsberry - Feb 29, 2024

In The Current Issue

Born To Create Affordable Housing

The competition is stiff, and the work is hard, but Stephanie Norris wouldn’t give up her job for anything....


Fallout From Natural Disasters, Pandemic Puts Strain On Insurance Companies, Consumers

New arrivals to the North Carolina coast are often pleased with the amount of house they can buy here from the proceeds of their home in lar...


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