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Real Estate - Commercial

Apartment Complex Off Gordon Road Sells For Nearly $12M

By Cece Nunn, posted Nov 16, 2017
The pool at Ellington Farms Apartments. Investors have purchased the 96-unit complex off Gordon Road. (Photo courtesy of Cape Fear Commercial)
A North Carolina investment group recently purchased an apartment complex off Gordon Road in Wilmington for nearly $12 million, according to an announcement from Cape Fear Commercial.

A commercial real estate firm headquartered in Wilmington, CFC announced Thursday that it had closed on the sale of Ellington Farms Apartments, a 96-unit community at 505 Vorils Lane in Wilmington.

Ellington Farms Apartments LLC sold the property to investors that included Associated Apartment Investors/Colony-EF LLC for $11.83 million, according to the deed recorded Wednesday. 

Will Leonard and Paul Loukas of Cape Fear Commercial represented the seller in the transaction.

“Fueled by regional investors, our local investment sales market is very active,” said Loukas, in Thursday's news release. “While there has been a tremendous amount of new supply over the last several years, the fundamentals of our local multifamily market remain extremely healthy.”

Built in 2015, Ellington Farms is a garden-style apartment community that offers one-, two- and three-bedroom floor plans, the release said. Amenities include a resort-style, saltwater swimming pool and cabana, bark park, playground and a 24-hour clubhouse with a fitness and business center.

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