Cushman & Wakefield announced that the commercial real estate services firm has arranged the sale of two apartment communities totaling 236 units located in Wilmington, North Carolina.
Watson Bryant, Paul Marley and Hunter Bowling of Cushman & Wakefield represented the seller, Hawthorne Residential Partners, in the transaction. Priderock Capital Partners, a private multifamily asset manager, acquired the properties.
Hawthorne Centre North was built in 1996 and totals 158 units, and Hawthorne Lofts South was built in 1990 and totals 78 units. Both properties are top performers in their submarket with a 98 percent occupancy average over the past 15 months.
“Hawthorne Centre North and Hawthorne Lofts South offer an incredible opportunity for future organic growth, as well as prime platforms for value-add initiatives,” Marley said. “Wilmington has exploded in population due to in-migration accelerated by the pandemic and will continue to draw remote workers who love the affordable beach lifestyle.”
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group ranks No. 1 in Sunbelt market share based on over 250 transactions and $6.2 billion in multifamily and land investment sales in 2020 (Source: Real Capital Analytics). Market share reflects number of sales for Alabama, Arkansas, Northwest Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas.