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Real Estate - Residential

Biggest Apartment Deal Of The Year So Far: $79M Transaction

By Cece Nunn, posted Oct 5, 2021
Avalon Apartments off Market Street in Wilmington now belongs to Gastonia-based Southwood Realty, according to an announcement Tuesday. (Photo courtesy of the Avalon Apartments' Facebook page)
A Wilmington apartment community has changed hands in a $79 million transaction, according to an announcement Tuesday.

Southwood Realty, based in Gastonia, is the new owner of Avalon Apartments at 327 Guinevere Lane, a Capstone Apartment Partners news release stated. The complex off Market Street contains 456 garden-style units.

The sale marks the highest-priced apartment deal in New Hanover County this year, according to Capstone. In the next highest sale so far, a Baltimore-based firm bought The Reserve at Mayfaire for $76 million in August.

Southwood "assumed an existing loan for Avalon’s original 372 units at a $63M valuation, and paid $16 million for a second phase of 84 units, which was just built and leased up," the release stated. "Southwood plans to expand on an already-started value-add program, renovating original units with new stone countertops, wood-style vinyl flooring, LED lighting package, and more."

Capstone’s Caleb Troop, Austin Green and Alex McDermott sold Avalon Apartments on behalf of Wilmington-based Evolve Companies, the Capstone release stated.

Evolve has several communities under construction in the Cape Fear region, including in Leland, Surf City and beyond, according to Capstone.

“I continue to see a record amount of strong interest from investors across the Wilmington market for quality rental housing,” Troop said in the release. “While new rental supply continues to pour into the market, well-located assets like Avalon are outperforming.”

The Avalon Apartments community was originally built in 2007. Its second phase, completed this summer, was fully leased in two months, the release stated. The community was 97% occupied at the time of closing, according to Capstone.

In 2020, the $54 million sale of Belle Meade Apartments, also facilitated by Capstone and sold to Southwood Realty, was the largest sale of the year in the Wilmington market.
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