Real Estate - Residential

For $170K A Unit, 1-year-old Apartment Community Sells To Ga. Firm

By Cece Nunn, posted Nov 15, 2016
One Midtown Apartment Homes, developed by a local partnership, sold for nearly $38 million recently to an Atlanta-based company. (GWBJ file photo)
A Georgia-based company bought a 1-year-old midtown Wilmington apartment development for nearly $38 million, or $170,000 per unit, this month. 

A company managed by The Wilkinson Group of Atlanta, Georgia, purchased One Midtown Apartment Homes, which consists of 223 units and amenities at Independence Boulevard and Tiburon Drive, on Nov. 10, according to a New Hanover County deed.

The One Midtown price is the highest paid per unit for an apartment community, outside of student housing sales, in recent years in the Wilmington market, according to Multifamily Realty Advisors analyses. Earlier this year, a New York firm paid $120,000 per unit for the second phase of The Parks at Three Oaks in northern New Hanover. 

One Midtown Apartment Homes was developed by Wilmington-based Cape Fear Commercial's development division, GHK Cape Fear Development, in partnership with The Oleander Company, another local firm.

Originally, the development partners had planned to hold on to the property long-term, but the right buyer came along at the right time and for the right value, said Brian Eckel, co-founder of Cape Fear Commercial.

"Wilmington's now on the radar of the larger investment community," he said.

Cape Fear Commercial partnered with Cushman & Wakefield on the transaction.

Eckel said the buyer kept the same management team at One Midtown, and the transition will be seamless for tenants. The apartment community, completed in 2015, is 95 percent occupied.

At last count, more than 4,000 apartments were under construction or in planning stages in the Cape Fear region. 

In May, GHK Cape Fear Development announced that the firm will construct a 360-residence community of upscale rental apartments in Brunswick County called Headwaters Apartment Homes at Brunswick Forest.

Story On The Map

Ico insights


Kellyerola headshot lcflc

Hospice Care in Nursing Homes Provides Needed Specialized Care

Kelly Erola - Lower Cape Fear LifeCare

The Real Estate Market is a “Market”

Steve Mitchell - Cape Fear REALTORS®

How HOAs Should Prepare for the Atlantic Hurricane Season

Dave Orr - Community Association Management Services

Trending News

Demolition Of Former Restaurant Building Underway At Mayfaire

Cece Nunn - May 26, 2023

Next Steps Revealed For Local Entrepreneur’s $1M Restaurant Competition

Miriah Hamrick - May 26, 2023

In Midtown, Mayfaire Office Developers Embarking On New Project

Cece Nunn - May 26, 2023

Additional $75M Released From Sale Of NHRMC

Jenny Callison - May 25, 2023

Tourism Officials Hope For Best Amidst Anticipation Of Drenched Memorial Day Weekend

Laura Moore - May 25, 2023

In The Current Issue

Startup Focuses On Fertility

A Wilmington startup has developed what it believes is an alert system that is more reliable than the temperature-based monitoring method us...

Info Junkie: Robert Parker

Robert Parker, chief operating officer of Cape Fear Solar Systems, shares his top info and tech picks....

Shipping Containers Keep It Cool

As of April, offshoot Craftspace Commercial had produced 10 40-foot refrigerated units for short- or long-term rental, provide secure storag...

Book On Business

The 2023 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!



2023 Power Breakfast: Major Developments