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
Ubs chadpearson headshotresized

The Three Dimensions Of Selling Your Business

Chad Pearson - UBS Decision Point Wealth Consulting
Headshots march websized 2

How to Prepare Your Commercial Roof for Cooler Weather

David Grandey - Highland Roofing Company
Mcwhorter 0005

UNCW Research Stories

Heather McWhorter - UNCW Center for Innovation and Entrepreneurship

Trending News

In $26M Project, County Could Purchase, Renovate Downtown Building For CFCC

Johanna F. Still - Oct 3, 2022

Wilmington Firms Launch Cybersecurity App Tool

Johanna Cano - Oct 3, 2022

In The Current Issue

MADE Winners: Manufacturer Category

The Manufacturer Category includes companies that mass-produce goods mass-produced in the Wilmington area....


MADE Winner: Exporter Category

The Exporter Category winner doesn't just hammer its products home....


Upscale Greek Food On The Menu

“These techniques have been used through the centuries. Braising lets the ingredients shine. You cook the food slowly at low heat, and that...

Book On Business

The 2022 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