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Real Estate - Residential

Developers Pay $8M For Surf City Property

By Staff Reports, posted Jul 9, 2024
Developers recently bought ocean-to-sound tracts in Surf City for residential development. (Illustration courtesy of Cape Fear Commercial)

Developers recently paid $8 million for a 7-acre residential development site on Topsail Island, brokers said Tuesday.

The Surf City property includes multiple tracts on N. New River and N. Topsail drives, stretching from the ocean to the sound, according to a news release from Wilmington-based real estate firm Cape Fear Commercial. A few of the tracts previously held mobile homes.

In addition to the 7 acres, the purchase included 44 acres of wetlands.

The buyer, SunGate Properties LLC, received approvals from the town of Surf City to build 11 single-family homes and 32 duplexes on the 7 acres, the release stated. KJ Steinhoff, one of the developers involved in SunGate Properties LLC, declined to comment on the purchase Tuesday.

According to his LinkedIn page, Steinhoff is a “developer of beach community housing for both investors and family use with a focus on delivering a luxurious living experience that has the ability to maximize one's return both financially and personally.”

Paul Loukas, partner and broker in charge at Cape Fear Commercial, represented the sellers, members of the Hines family, in the transaction. 

“This transaction underscores the strong demand for vacation and second homes in the region, including the evolving Surf City market,” Loukas stated in the release. 

Commenting on the market in general, Loukas said in the release, "While market fundamentals remain strong, we are seeing a bottleneck in transactions and development stemming from elevated construction costs, higher interest rates, lending limitations and permitting delays.

"These factors have collectively created a more challenging environment for getting deals done compared to just a few years ago.”

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