Madison Marquette, a leading private full-service real estate provider, investment manager, developer and operator, announced the recent closing of Crosswinds a 380-unit apartment community in Wilmington, N.C. as part of its Evergreen Multifamily Value Add Fund.
Built in 1989, Crosswinds is centrally located within the Silver Lake neighborhood of Wilmington, N.C. With the property’s convenient and quiet location between the four major transportation arteries of Wilmington, residents have easy access to all of Wilmington’s employment hubs and lifestyle amenities including Wrightsville Beach and downtown Wilmington.
“We are extremely pleased to add Crosswinds to our multifamily portfolio and to extend our presence in the Carolina’s,” said Kevin Galligan, Managing Director, Housing Investments, Madison Marquette. “It’s location in the rapidly expanding Wilmington submarket will provide our residents with unparalleled access to many of Wilmington’s superb lifestyle amenities while presenting a clear value-add proposition through targeted unit renovations.”
The property consists of 19 buildings across approximately 23 acres creating a low-density of only 16.5 units per acre which allows for significant green space as well as spacious one-two- and three-bedroom units ranging from 645-to-1,306 square feet. Community amenities include a saltwater resort-style pool with a sundeck, grilling and picnic areas, lighted tennis, and volleyball courts along with fitness and business centers. The apartments themselves feature wood-style flooring, patio/balconies in each unit, wood-burning fireplaces, and full-size washer/dryer connections in most unit types.
“The Wilmington growth story is extremely compelling from for multifamily investment,” said Nigel Keenan, Principal, Housing Investments of Madison Marquette. “We believe our targeted renovation program will provide residents with high-quality housing and amenities while providing great work-life balance due to the close proximity to various amenities while achieving our Fund’s goals of buying differentiated real estate in compelling growth markets.”
The Fund plans to complete strategic unit upgrades that will provide higher quality hardware and finishes including appliances, flooring, and counter tops. It will also improve the community’s amenities, perform exterior aesthetic work and landscaping.
Wilmington has benefited from the population movement during the pandemic with the population in the surrounding 1-mile area increasing by 24 percent from 2010 to 2021 and projected to increase at a similar 10 percent growth rate over the next five years. The property is ideally located for residents who work at UNC Wilmington and New Hanover Regional Medical Center, as well as those employed by manufacturing and transportation companies such as General Electric Aviation and the Port of Wilmington.
In addition to North Carolina, Madison Marquette’s Evergreen Fund is targeting select U.S. growth markets that have favorable demographic and demand drivers including the Sunbelt, mid-Atlantic and northeast regions.
To date, the Madison Marquette Evergreen Series of Funds have transacted on approaching $1B in multifamily assets on over 5,000 units across the country. The Evergreen multifamily transactions are in addition to the acquisitions recently completed by Madison Highland Live/Work Lofts, a strategic investment and development platform to grow the next generation of live/work loft communities in key urban markets across the United States.