Print
Real Estate - Residential

In $49M Deal, Firm Buys Rental Townhome Community At Echo Farms

By Cece Nunn, posted Aug 4, 2021
Aerial and an inset photos show Woodlands Landing, a 176-unit rental townhome community in Echo Farms in Wilmington. (Photo courtesy of GHK Cape Fear)
A rental community off Carolina Beach Road in Wilmington changed hands recently in a nearly $49 million deal.

Hawthorne Residential Partners of Greensboro bought Woodlands Landing at Echo Farms, a 176-unit upscale townhome neighborhood, at the end of July.

Wilmington-based Cape Fear Commercial partnered with Cushman & Wakefield on the sale, said Brian Eckel, partner with CFC. The exact sale price was $48.85 million.

Woodlands Landing, completed in April 2020, was developed by Cape Fear Commercial's development team, GHK Cape Fear.

The Woodlands Landing website stated Wednesday that there are waiting lists for the two- and three-bedroom units, and rents for the one-bedroom units start at $1,320.

The team for Cushman & Wakefield, a commercial real estate services firm headquartered in Chicago, included Jordan McCarley, Tai Cohen and Watson Bryant of the company's Raleigh-Durham office.

In early July, Cushman & Wakfield announced that it had arranged the sale of two Wilmington apartment communities that had belonged to Hawthorne Residential Partners.

In other multifamily news within Echo Farms, GHK Cape Fear is developing another 206 apartment homes for a community called Riverwood.

Eckel said the units "will be a mixture of townhomes and garden-style apartments for rent, and Riverwood is expected to be complete by the first quarter of 2022."

The Riverwood site is off Independence Boulevard within a mile of The Crossroads at Independence, a shopping center under construction that will be anchored by a massive Harris Teeter grocery store.

"We believe the COVID-induced flexibility [in where people can live] has been very good to Wilmington," Eckel said. "We continue to see strong demand and are looking forward to delivering Riverwood and fulfilling a housing need."
Ico insights

INSIGHTS

SPONSORS' CONTENT
Web awstaffpic2020 1 132245438

The 2024 Luncheon for Literacy featuring Special Guest Jason Mott

Alesha Edison Westbrook - Cape Fear Literacy Council
Untitleddesign2 4523114356

Cybersecurity and Productivity: Striking the Perfect Balance for Business Success

Barrett Earney - EarneyIT
Headshots march websized 2

NEW YEAR, NO ROOF LEAKS!

David Grandey - Highland Roofing Company

Trending News

Wilmington Startup Gains Endorsement Through Spokesperson, Potential Investors

Audrey Elsberry - Feb 26, 2024

Rezoning Proposed For Carolina Beach Land, Including Seawitch Site

Emma Dill - Feb 26, 2024

Sullivan Promoted To Marketing Director At Thomas Construction

Staff Reports - Feb 27, 2024

Sikes Honored As Top Franchisee

Staff Reports - Feb 27, 2024

Wilmington's Venture Capital Spending Declines Sharply In 2023

Audrey Elsberry - Feb 27, 2024

In The Current Issue

INFO JUNKIE: Brooke Rudd-Gaglie

Brooke Rudd-Gaglie, vice president, director and practicing broker at Margaret Rudd & Associates Realtors, shares her tech and info picks....


Locals Cook Up Kitchen Concepts

Local chefs and restaurant industry owners are setting up shared kitchens, some with an entrepreneurial drive....


Gadgets Boost Area’s Biotech

“AI is starting to weave itself into our social culture. Say you have a wearable on 24/7; you don’t even know it’s there,” said Morris Nguye...

Book On Business

The 2024 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2023 Power Breakfast: Major Developments