Real Estate - Residential

Stalled Housing Development In Leland Gets New Owner

By J. Elias O'Neal, posted Nov 26, 2012

A national homebuilder could soon be building homes in a formally defunct subdivision in Leland.

Housing conglomerate D.R. Horton Homes recently purchased the Hawkeswater subdivision for $5.6 million, according to a deed filed with Brunswick County officials earlier this month.

Cofounder and principal broker of Wilmington-based Cape Fear Commercial Brian Eckel and fellow brokers Hank Miller and Paul Loukas, represented Troy-based First Bank during the transaction.

The sale consisted of 79 developed lots, 320 approved lots and townhomes as well as an undeveloped waterfront component on the river, according to a news release.

The subdivision was part of a bevy of bank-owned residential lots, mostly in Brunswick County, that the brokerage firm unveiled for sale in August.
The real estate firm responded to the handful of offers they received by asking the buyers for their highest and best offers by late September, the news release stated. From those offers, Cape Fear Commercial officials created a virtual data room that hosted 19 due diligence documents for review, which helped the buyers improve their offers and minimized the necessary inspection time.

“In anticipation of the sale, we performed weeks of meticulous and thorough due diligence, which directly minimized the necessary time to close the transaction as well as increased the likelihood of a successful closing by providing the answers that any buyer would have normally addressed while under contract before any contract was submitted,” Eckel said in the release.

The Wilmington brokerage firm has closed on six subdivisions, including Andrews Reach and Stone’s Edge in Wilmington, Southwynde in Southport, Diamond Point in Surf City and Trenny Lea in Hampstead.

Eckel said the firm has four other subdivisions – Ridgefield, Laurenbridge and River Oaks in Wilmington and Seabrooke in Leland – under contract by unnamed buyers.

The firm also announced Monday it would be rolling out a portfolio sale in January consisting of several subdivisions with nearly 500 developed lots and an additional 400 acres approved for close to 1,000 home lots throughout the region. 

Ico insights


Adamshay 300x300

Advising and Educating - Expect More from Your Accountant

Adam Shay - Adam Shay CPA, PLLC
Mcwhorter 0005

Unleashing Entrepreneurial Potential: A Glimpse into the UNCW CIE Incubator and Coworking Space

Heather McWhorter - UNCW Center for Innovation and Entrepreneurship

Don't Forget the "B"

Hoop Morgan - The Forté Institute, LLC

Trending News

Replica Of Famed Explorer's Ship Visits Wilmington

Jenny Callison - Jun 2, 2023

Developer, Residents At A Crossroads In Midtown Wilmington

Cece Nunn - Jun 1, 2023

Inclusive Small Business Center Works To Build Trust

Jenny Callison - Jun 2, 2023

Rulmeca Expands Reach Through Acquisition

Jenny Callison - Jun 2, 2023

Local Retail Changes In Store

Cece Nunn - Jun 2, 2023

In The Current Issue

NCino Forges Partnership On Automated Underwriting

Zest AI will integrate its product into nCino’s Consumer Banking Solution, enabling lenders “to help make efficient, accurate decisions abou...

Inclusive Small Business Center Works To Build Trust

To change minds and change the experience, “It’s all about building trust,” said Chakema Clinton-Quintana, Channel’s director....

Local Retail Changes In Store

While new shopping centers are planned in areas outside the Port City, owners are adding to and revamping existing commercial complexes in W...

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