Middleburg Communities, a Vienna, Virginia-based real estate investment, development and management firm announces the $63.8 million sale of Mosby at Riverlights, a 250-unit Class A apartment community at 4027 Watercraft Ferry Avenue in Wilmington, NC, developed by Middleburg Communities and completed earlier this month. The buyer was RAS Realty Partners, a full-service firm with management, investment and development divisions headquartered in Boca Raton, Florida. RAS will be updating the name of the property to Oasis at Riverlights to coincide with a new branding initiative for the asset.
“Mosby at Riverlights was designed to take full advantage of the remarkable setting within the Riverlights master planned community, steps from the Cape Fear River,” said Middleburg Communities Chief Investment Officer, Kory Geans.
Mosby at Riverlights features large one, two and three-bedroom homes centrally located within Riverlights and a short drive from Wilmington’s popular downtown district and award-winning Riverwalk. The community has resort-style amenities, including a pool with outdoor cabanas, an 8,000 square foot, two-level clubhouse with terraces, outdoor kitchen with grilling areas and upscale interiors including granite countertops, hard-surface plank flooring, designer lighting and stainless steel appliances within modern, open floorplans.
“As long-term owners focused on adding value to our surrounding areas, RAS is excited to include ‘Mosby at Riverlights’ to our expanding portfolio of Class A properties. We anticipate a tremendous amount of growth in the Wilmington submarket, and are looking forward to developing a strong presence in the area for years to come,” said RAS Managing Partners, Michael Heller and Adam Heller.