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Real Estate - Residential

Charleston Investors Buy Wilmington Apartments For More Than $67M

By Cece Nunn, posted Feb 9, 2024
Amberleigh South off Market Street in northern New Hanover County changed hands at the end of January. (Photo courtesy of Amberleigh South)

Charleston, South Carolina-based investors paid $67.75 million for an apartment complex in Wilmington, according to a deed recorded Jan. 30.

Amberleigh South, 115 Amberleigh Drive off Market Street in northern New Hanover County, has more than 280 units, said Thomas Wagoner, CFO of Middle Street Partners (MSP), in an email.

Wagoner’s firm is a real estate investment and development company focused on the Southeastern United States. 

According to MSP’s website, “Since inception, MSP has sponsored…over $2 billion of investments in multifamily and development. “

Founded in 2009 in Charleston, MSP launched in Charlotte in April last year under director of development David Yowell, according to a Triangle Business Journal story. The article quoted Yowell as saying, “Given the intricacies of multifamily here in Charlotte, it makes sense to have a local presence. Throughout the market turbulence and throughout the better part of two years now, North Carolina is still high growth.”

In addition to Charleston, MSP has offices in Atlanta, Orlando, Tampa, Nashville, Charlotte, and Austin, according to a news release about a Venice, Florida, investment in January.

“Development and investment properties owned by MSP span South Carolina, North Carolina, Georgia, Texas, Tennessee and Florida, with anticipated continued expansion throughout the Sun Belt region,” the release stated.

In Wilmington, MSP bought Amberleigh South from Flournoy Development Group, which completed the construction of Amberleigh South in 2020, according to Flournoy’s website. Based in Columbus, Georgia, Flournoy also developed nearby apartment complex Amberleigh Shores.

According to Apartments.com, rents for one- to three-bedroom apartments range from nearly $1,300 to almost $2,500.

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