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Real Estate - Residential

Apartment Owner Plans Expansion In Growing Market

By Cece Nunn, posted Apr 21, 2015
Editor's Note: This version updates the Wilmington City Council's decision on rezoning property for the expansion of the Sea Pines apartment complex.

As the Cape Fear region’s inventory of new apartments continues to grow, owners of existing complexes are adding to the mix.
 
One example is Sea Pines, currently consisting of 156 units at 4191 Hearthside Drive off South 17th Street. Owner Tribute Properties had asked for rezonings of adjacent property at 1600 Saint Andrews Drive and 4196 S. 17th St. to allow for 48 more units in two, three-story apartment buildings. The rezoning also gives the go-ahead to incorporate six new units within a new expanded clubhouse at Sea Pines.
 
The Wilmington City Council approved request on second reading Tuesday night with a vote of 5 to 1. Council member Laura Padgett voted against the resolution.
 
“If approved by council, the second phase of Sea Pines would be a unique opportunity for us to expand an existing project in a desirable location,” Mark Maynard Jr. of Tribute Properties said in an email before Tuesday's council decision.
 
The clubhouse portion responds to recent trends, Maynard said.
 
“With the new supply of apartments in Wilmington, potential apartment residents have many great options to choose from with impressive clubhouse amenities.  We feel that our proposed clubhouse will be unique and make Sea Pines an even more attractive place to live,” he said.
 
Maynard said construction would begin in the fall. Sea Pines rental rates for existing units range from $664 a month for a one bedroom unit to $746 a month for two bedrooms.
 
In 2014, more than 3,000 apartments were either under construction or proposed in the Wilmington area, according to a report released in January by Multifamily Realty Advisors. The following are updates on just five area apartment developments:
 
Cambridge Village: A more than $30 million dollar independent living community, this 250-unit complex at 75 Cavalier Drive off Eastwood Road opened its doors to residents March 16, according to a news release from Colonial Marketing. “Phase 1 opens with 110 rental apartment homes ranging from studio to two-bedroom deluxe floor plans,” the release said.   
 
City Block: A 112-unit complex at 814 N. Third St., City Block Apartments opened Jan. 30 and is currently 48 percent occupied, said Carissa Knipsel, property manager.
 
The Lofts at Randall: Under construction at 4810 Randall Parkway, this student housing complex consists of 54 four-bedroom apartments and has a move-in date set for Aug. 15, said Bailey Bennett, executive property manager. Bennett said Tuesday that the apartments are 75 percent pre-leased.
 
One Midtown: With 223 units, One Midtown at 2945 Midtown Way is holding a ribbon-cutting ceremony and open house April 30. Four buildings have been completed. "We are about 25 percent pre-leased at this point," said Amy McGilvary, property manager. "It's coming along really, really well." The units are 10 percent occupied now, she said.
 
Porters Neck Crossing: A proposed development, Porters Neck Crossing in the 100 block of Porters Neck Road was granted a special-use permit by the New Hanover County Board of Commissioners, who were ordered to do so by Superior Court Judge W. Douglas Parsons, recently. Developer James A. “Jimmy” Black Jr., principal and president of Alliance Commercial Property Management, said Tuesday, “We are actively engaged in the analysis of how we’re going to develop the property.” The mixed-use project was expected to include 273 apartments, as of January last year.

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