Firm buys land to expand Reserve at Forest Hills
October 1, 2012By J. Elias O'Neal
A High Point-based development firm said Monday it plans to develop more apartment units in an existing multifamily development in Wilmington.
Blue Ridge Companies purchased 6.41 acres near the Reserve at Forest Hills apartments, located at the intersection of Covil and Darlington avenues.
The transaction officially closed Sept. 21.
Jack Kilbourne, Steve Hall and Wilmington Councilman Charlie Rivenbark, brokers with Wilmington-based Maus, Warwick, Matthews & Company, represented the seller during the transaction for an undisclosed amount.
The land – at 315 and 323 Covil Ave. – is already zoned for multifamily development, according to city records.
Jim Grdich, development director for Blue Ridge Companies, said Monday no plans or timeline for construction has been submitted to city officials. He said, however, that the intention was to add new units.
“We’re a couple of months away from submitting anything,” Grdich said. “The property was within proximity to our development, and we purchased the parcels for the future expansion of the [Reserve at] Forest Hills community.”