Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Pinewood Apartments, a 384-unit multifamily asset in Wilmington, North Carolina. The property sold for $36.5 million, which equates to $95,052 per unit.
“At the time of the sale, Pinewood Apartments was 94 percent occupied and rent collections during the pandemic have been good,” said Drew Babcock, CCIM, first vice president investments in Marcus & Millichap’s Columbia office. “The property has a long history of solid performance and its desirable townhome design and location make it an exceptional long-term investment with clear value-add potential.” Babcock represented the seller, Greensboro, N.C.-based Pinewood LLC, and procured the buyer, Friedlam Partners and Ebex Holdings. Ben Yelm is Marcus & Millichap’s broker of record in North Carolina.
Built in 1981, the 48-building complex has a highly visible location on Randall Parkway, less than a half-mile from the University of North Carolina Wilmington and within walking distance of numerous shopping and dining options. There are three grocery stores within a mile and Wrightsville Beach and Carolina Beach are only a short drive away. The property consists of 96 one-bedroom/one-bath units and 288 two-bedroom/one-bath units. Each apartment has direct access ground-floor entry, a fully equipped kitchen, and a back patio.