Print
Real Estate - Residential

Apartments On St. Andrews Drive Sold To Virginia Firm

By Cece Nunn, posted Nov 5, 2018
A firm just outside of Washington D.C. has purchased St. Andrews Reserve Apartments in Wilmington. (Photo courtesy of Cushman & Wakefield)
A Virginia-based company that develops, owns and operates apartments, condos and mixed-use projects has purchased St. Andrews Reserve Apartments in Wilmington in a $48.5 million deal.

Kettler, headquartered in McLean, Virginia, just outside Washington D.C., bought the 390-unit complex and associated parcels at 814 St. Andrews Drive on Oct. 31 from AGM Wilmington LLC, according to the New Hanover County deed. 

Watson Bryant, Marc Robinson and Jordan McCarley of Cushman & Wakefield represented AGM Wilmington in the transaction.

“St. Andrews Reserve is located in Wilmington’s highest rent growth submarket, directly in the path of the city’s growth, making it an outstanding addition to Kettler’s diverse and growing portfolio,” Bryant said Monday.

AGM Wilmington bought the property for $33.3 million in 2015.

St. Andrews Reserve was built in two phases, one in 1999 and the second in 2003, according to the Cushman & Wakefield listing of the property. 

The listing also stated, "St. Andrews Reserve is in close proximity to the premier retail nodes and principal economic drivers of Wilmington -- an MSA characterized by rapid population growth, an expanding employment nucleus and attractive demographics."

According to Kettler's website, new St. Andrews Reserve owner Kettler has developed, acquired and renovated or planned and zoned nearly 20,000 apartments in garden, mid-rise, high-rise and mixed-use developments.

The site shows that Kettler has at least seven other multifamily properties in North Carolina, including two in Raleigh.
Ico insights

INSIGHTS

SPONSORS' CONTENT
Volety 0020 1121724229

UNCW STEAM Team Program Provides Access Point to Higher Education

Aswani Volety - UNCW College of Arts and Sciences
Billhunter300x300 b&w

People Hate Filling Out Forms - Here are Five Ways to Simplify

Bill Hunter - Wilmington Design Company
Burrus rob headshot 300x300

Leadership: Today and into the Future

Robert Burrus - Cameron School of Business - UNC-Wilmington

Trending News

On The Riverwalk, Stalk & Vine Set To Open This Weekend

Jessica Maurer - Jul 16, 2019

Former Drug Researcher, Partners Launch Coastal Hemp Co. In Porters Neck

Johanna Cano - Jul 16, 2019

Gov. Cooper Visits Dosher Memorial Hospital To Talk Health Care

Cheryl L. Serra - Jul 15, 2019

In Former Lou's Flower World Spot, Furniture And Mattress Store Opens

Cece Nunn - Jul 15, 2019

CFCC Launches Cybercrime Technology Degree

Christina Haley O'Neal - Jul 15, 2019

In The Current Issue

Group Aids Students, Teachers

“Every year, education [funding] gets cut,” said Superintendent Steven Hill, speaking of allocations from the state legislature. “It’s harde...


Wave Of Commercial Interest Near The Sea

In recent years, existing residential growth and the potential for more around Pender County’s Topsail Island, including its largest town, S...


BB&T, SunTrust Announce Merged Name

The new name, announced June 12, reflects a common thread from both banks, as each has the word trust as part of its name....

Book On Business

The 2019 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

Power Breakfast - The H Word (June 13, 2019)
2019 WilmingtonBiz Expo Keynote Lunch - CEO, nCino, Pierre Naude`
Health Care Heroes 2018