Wilmington apartment complex The Cordelia has new owners.

The 426-unit complex at 4711 Azalea Landing Drive changed hands for $117 million, according to a deed recorded Thursday.

The purchase included the apartments, completed in 2024, and the surrounding 42-acre site located between New Centre Drive and Martin Luther King Jr. Parkway.

Deed records show Azalea Apartment Owner LLC sold the four parcels that make up the property to a group of seven Minnesota-based entities.

Several of the entities list the St. Paul, Minnesota, address of property management company At Home Apartments. Michael Cashill and Alan Spaulding, the founders and CEOs of At Home Apartments, are listed as officers of several purchasing entities.

Two other limited liability companies listed as buyers – Arbor Lakes Senior Living LLC and Arbor Lakes Senior Living II LLC – list Southview Senior Communities owner Lance Lemieux and the address of the company’s corporate headquarters in Lilydale, Minnesota.

Representatives of the buyers did not immediately respond to requests for comment on Friday.

The Cordelia was developed by Charleston-based real estate firm Woodfield Development.

Azalea Apartment Owner LLC lists J. Kelly Lanier, Woodfield Development’s vice president of accounting and tax, as an administrative member. The limited liability company purchased the property in 2021 for $8.9 million, according to property records.

Woodfield Development representatives did not immediately respond to requests for comment on the sale on Friday.

In 2024, Scott Underwood, a development partner in Woodfield Development, told the Business Journal that the apartment complex’s location made it a desirable property. He pointed to its proximity to New Centre Drive, Martin Luther King Jr. Parkway, Target and restaurants.

“This is a site that checks all the boxes from a location standpoint,” Underwood said at the time, “where it’s incredibly convenient for our residents to live and work and enjoy themselves after work.”

The Cordelia’s apartments range from studios to three bedrooms with between 767 and 1,568 square feet. The property also includes various amenities, including a pickleball court, dog park, fitness center and pool.