A Wilmington-based development firm that bought student apartments on Kerr Avenue last year is adding more buildings to the property.
The Leeward Group, which paid $5.2 million for the complex, is building two 12-unit structures in Phase 1 of its expansion plan for Seahawk Cove, a 24-unit community at 619 S. Kerr Ave. Phase 2 will add another 24 apartments to the complex which is located a short distance from the University of North Carolina Wilmington.
Students rent by the room in the three-bedroom, three-bathroom apartments, and rents per bedroom start at $740 per month, according to Seahawk Cove's website Thursday.
"We know that UNCW has been growing and we had the opportunity to buy an existing complex that had room for development growth," said Barry Coppedge of The Leeward Group. "So those two things combined – knowing that we would have a good market and having the opportunity to expand the existing community – was one of the major factors that led us to want to buy that property."
He said he expects demand to continue.
"A lot of the kids want to be at the beach when they go to school. So there's always been a big draw for that here. And as the school grows and offers more educational programs, that opens it to a wider array of students," said Coppedge, whose firm also currently has two local market-rate apartment complexes in the works.
He said the new rooms at Seahawk Cove
, which is managed by Campus Varsity, are expected to be complete in time for the upcoming fall semester. The Leeward Group is investing an estimated $13 million in the expansion, Coppedge said.