A Baltimore-based real estate investment and management firm bought The Reserve at Mayfaire in Wilmington for $76 million, according to an announcement Friday.
The upscale 264-unit community was acquired by Continental Realty Corp. on behalf of Continental Realty Fund V, a $210.8 million private equity fund that has purchased 12 assets overall since it was formed in 2019, a news release stated.
The complex at 1411 Parkview Circle, within walking distance of Mayfaire Community Center, was previously owned by State Street Companies and is comprised of 12, three-story buildings and resort-style amenities.
"The community was 99% leased at the time of this off-market sales transaction," according to the release.
J.M. Schapiro, CEO of Continental Realty Corp., said in the release, “The Reserve at Mayfaire enjoys a one-of-a-kind location in Wilmington and is in outstanding physical condition due to expert maintenance efforts of State Street Companies, the former owner.”
Several factors lured the Maryland firm to invest in Wilmington, including "ongoing exponential growth in population and the emerging employment opportunities in the finance, technology, retail, hospitality, high-skilled manufacturing and healthcare fields,” said Ari Abramson, vice president of acquisitions for Continental Realty, in the release.
Delivered in 2004 and renovated four times since 2008, The Reserve at Mayfaire consists of one, two and three-bedroom floor plans ranging from 860 to 1,721 square feet, and its 1,117-square-foot average unit size "represents the largest in the greater Wilmington submarket," the release stated.
More than half of the 264 units at The Reserve at Mayfaire have been renovated by the former ownership group, the release stated.
"CRC plans to invest in a continuing upgrade strategy that will address the remaining units over a multi-year period," according to the release. "These plans will focus on improvements to the in-unit appliance package, flooring and countertops in the kitchen and bathroom as well as in the community’s amenity areas, including new pool furniture and cabanas and enhancements to the grilling area with additional seating and a fire pit."
The release stated that with the Wilmington acquisition, CRC’s North Carolina multifamily portfolio expands to six communities encompassing over 1,150 units, including The Edison Lofts, St. Mary’s Square and The Village Apartments in the Raleigh area and The Flats at Ballantyne and Park & Kingston in the Charlotte region.