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Real Estate - Residential

Rental Community In Echo Farms Sells For More Than $58 Million

By Staff Reports, posted May 24, 2023
Riverwood Apartments in Echo Farms, a neighborhood off Carolina Beach Road, sold Wednesday for more than $58 million. (Photo courtesy of Cushman & Wakefield)
Riverwood Apartments, a luxury apartment and townhome rental community in Echo Farms, sold Wednesday in a $58.46 million deal, according to a news release from Wilmington-based firm Cape Fear Development.

With support from Cape Fear Commercial, New York-based Cushman & Wakefield, a global real estate services firm, represented the seller, Riverwood Apartments LLC, in the sale to buyer Graycliff Capital Partners, the release stated

Completed last year, Riverwood Apartments consists of 206 units, including one-, two- and three-bedroom apartments, as well as multistory townhomes, a clubhouse and a saltwater pool.

The property was developed by Cape Fear Development, a development firm and affiliate of Cape Fear Commercial. 

Cape Fear Development currently has several multifamily projects under construction throughout the Carolinas. Additionally, the firm is developing three mixed-use projects in the Wilmington area under the banner of The Proximity, "a concept that focuses on place-making and localization to create unique spaces for live, work and play," the release stated.
 
“In the Wilmington area, there’s lots of runway in the multifamily sector, provided that you’re offering a first-rate product that speaks to the community," said Cape Fear Development partner Brian Eckel in the release.
 
The Proximity at Carolina Beach, a 10-acre project on Pleasure Island, will consist of 261 residential units. In northern New Hanover County, Cape Fear Development is planning a multifamily community with more than 200 units, the Proximity at Blue Clay, the release stated.
 
"And along the banks of the Cape Fear River, at the end of Independence Boulevard in Wilmington, the Proximity at Watermark will be a multifamily community consisting of around 250 units that features a boat dock and living shoreline," according to the release.
 
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