Print
Real Estate - Residential

Apartments, Townhomes Coming In New Project At Echo Farms

By Cece Nunn, posted Oct 19, 2020
The townhomes in a new community called Riverwood will be similar to those of an existing development, Woodlands Landing. (Photo courtesy of GHK Cape Fear Development)
Apartments and townhomes are coming to a new development within Echo Farms called Riverwood.

GHK Cape Fear Development, which also developed townhome community Woodlands Landing at Echo Farms, plans to put 86 townhomes and 120 garden-style apartment units on 17 acres at 4080 Independence Blvd.

"Townhomes for rent is a unique offering that is rarely done. Most developers push the limit on density," said Brian Eckel, of GHK Cape Fear Development and Wilmington-based commercial real estate firm Cape Fear Commercial, in an email Monday. "At Woodlands, we were allowed by right to build over 300 units, but chose to develop a less dense product (176 units).  

"We signed over 140 leases (putting us at 80% leased) since we opened at the start of the pandemic, proving this is the right product."

GHK Cape Fear has more than 1,000 apartment units under development, and officials there "believe in the data that there is still plenty of runway left. Our region continues to grow rapidly and the absorption rate is keeping pace with the new product that’s coming online," Eckel said.
 
The company plans to start construction of Riverwood in the first quarter of 2021.

Describing aspects of the project, Eckel said, "Riverwood will have beautifully crafted 1, 2 and 3 bedroom Townhome style homes with features such as granite counters in the kitchen and bathrooms, sleek walk-in showers, LED under cabinet lighting with all of the amenities such as a resort-style saltwater pool and sun deck, 24-hour fitness center, access-controlled bike storage, Paw Spa Dog wash, covered pavilion with grills and fireplace and co-working space with WiFi." 

He said rents will not be established until the project gets closer to completion, but the rent range will be similar to that of Woodlands at $1,200 and up.
 
How much demand remains in the Wilmington market for apartments and rental townhomes?
 
Eckel said, "For the right product in the right location, we are cautiously optimistic that there is still solid demand."
Ico insights

INSIGHTS

SPONSORS' CONTENT
Girardnewkirk headshot 2182174430

Entrepreneurship Drives Social Elevation

Girard Newkirk - Genesis Block
Tidewaterinvestmentco merrettemoore headshot

Looking Beyond Your Financial Advisor For Private Company Investments

Merrette Moore - Tidewater Investment Company
Junegunter teachinghorse headshot 5721115557

Say Hello

June Gunter - TeachingHorse

Trending News

Atlanta-based Developer Plans More Than 300 Apartments In Leland

Cece Nunn - May 7, 2021

Local Business Leaders Weigh In On Brunswick's MSA Future

Christina Haley O'Neal - May 6, 2021

Vantaca Fills HOA Industry Need

Scott Nunn - May 7, 2021

Meet The 2021 CEA Winners

Vicky Janowski - May 7, 2021

General Aviation Services Business Hiring Ahead Of Busy Season

Christina Haley O'Neal - May 7, 2021

In The Current Issue

PPD Influences Regional Economy

The growth Wilmington-headquartered PPD Inc. has experienced in the Port City is an economic driver for the region, local economic developme...


Meet The 2021 CEA Winners

While vastly different, what the 11 companies and organizations do have in common is being chosen by a panel of judges as CEA category winne...


Restaurant Owners Cook Up Big Plans

It’s been said that the road to success is always under construction, and the saying rings true for the McDuffie family....

Book On Business

The 2021 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

Trying to Grow a Business?
2020 Health Care Heroes
2020 WilmingtonBiz 100