A local vacation rental firm recently gained a foothold in Wrightsville Beach by acquiring the vacation rental division of Cadence Realty, a firm led by new City Councilman Luke Waddell.
As a result of the purchase, Carolina Retreats now has 20 condos at The Waterway and 20 at The Islander in Wrightsville Beach under management, bringing its management portfolio to nearly 400 properties. The financial details of the acquisition were not disclosed.
“It’s a great market. We feel like we already have the infrastructure in place, and there seemed to be a hole in our offerings,” said Mike Harrington, owner and CEO of Carolina Retreats.
Harrington’s firm already had rentals in Topsail Beach and in Carolina and Kure beaches, as well as Loggerhead Inn & Suites on Topsail Island, The Beach House @ Oak Island and The Tranquil House Inn in downtown Manteo.
Of the company’s new locale, Harrington said, “We'll start offering our services to other homeowners with the goal to grow at Wrightsville Beach.”
Waddell said he founded Cadence Realty, which is based in Wrightsville Beach, in 2016, and his firm has been growing rapidly in its brokerage and long-term rental divisions.
Of Harrington’s purchase, Waddell said, “I think it will be a nice, mutually beneficial way forward, where we can kind of play on each other’s strengths and I can help him grow here in Wrightsville Beach.”
Harrington said he believes demand for vacation rentals will remain on the rise in the area.
"We see a lot of potential and continued growth in the region for vacation rental homes and vacation rental services," he said. "We don't see any slowdown in the foreseeable future."