Investors bought a downtown Wilmington apartment complex for a little over $85 million this month, marking the highest-priced sale of any property in New Hanover County so far this year, records show.

Charleston-based Middle Street Partners, with joint venture partner Island Capital of New York, purchased Pier 33 Apartments from Dewitt Carolinas. Dewitt built the 286-unit luxury apartment community, where the average rent is $2,100 per month, in 2020 at 901 Nutt St. along the waterfront in northern downtown.

New Hanover County property tax records updated as of Oct. 31 show that Middle Street Partners was also the buyer in the next highest sale, paying $67.75 million for 280-unit Amberleigh South apartments in January.

Pier 33 Apartments, a steel and concrete project, “was built to a level that we don’t see much anymore,” said John Mikels, a managing director for JLL Capital Markets.

In addition to Mikels, the JLL Capital Markets team representing the seller were managing director John Gavigan, senior director Niki Dewberry and analyst William Martin, Mikels said. 

He said Brad Woolard and Ward Smith with JLL Capital Markets sourced the acquisition financing on behalf of the buyer.

Pier 33 Apartments includes 21,000 square feet of retail space. Megarounds fitness studio and Bonita Latin Fusion & Cocktails are among the tenants.

Sales of downtown apartment projects have garnered huge sale prices in recent years. In 2021, Brookfield Real Estate Income Trust Inc. (REIT) bought the 273-unit Flats on Front at 1045 N. Front St. for $97.5 million, when interest rates were lower.