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Real Estate - Residential

For Nearly $4M, Investment Firm Sells Brunswick County Home Sites

By Staff Reports, posted Feb 3, 2023
An investment group recently sold 61 single-family housing lots in a Great Recession-stalled subdivision in Brunswick County. (Photo courtesy of Chesapeake Homes)

Atlanta-based investment group Drapac Capital Partners recently announced the sale of 61 single-family residential lots in the Goose Marsh community in Brunswick County, according to a news release.

Chesapeake Homes, which has offices in Raleigh, Myrtle Beach, South Carolina, and Virginia Beach, Virginia, bought the lots from Drapac for nearly $4  million.

Located off Gilbert Road in central Brunswick County, the so-called "zombie" subdivision previously impacted by the Great Recession of 15 years ago is now "well-positioned to absorb the significant demand for new home inventory in one of the fastest growing counties in North Carolina," officials stated in the release.

The builder is expected to start work on the lots in the first quarter of this year, a company spokesperson said in an email.

William Miller, director of real estate at Drapac, stated in the release, “Brunswick County’s population growth has accelerated significantly over the last decade, resulting in increased demand for new housing supply. We believe it’s imperative to improve the availability of high-quality, attainable housing opportunities and Chesapeake Homes’ recent acquisition in Goose Marsh positions them perfectly to meet the demand.”

The Goose Marsh sale was brokered by Curtis Dukes of Blue Strand Real Estate Group.

“Brunswick County has continued to be one of the fastest-growing counties in North Carolina and 4th in the nation for several consecutive years,” Dukes said in the release. “This transaction represents continued demand for housing development in the coastal Carolina market, as patient and diligent builders and developers take advantage of opportunities to fill their pipeline, recognizing the long-term strength of this market.”

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