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Real Estate - Residential

Porters Neck Townhomes Change Hands For More Than $15M

By Staff Reports, posted Mar 6, 2023
RAS Realty Partners bought townhomes in Porters Neck in a more than $15 million deal. (Photo courtesy of Cadence Realty)
Florida-based investors bought a townhome community in Porters Neck last week for $15.25 million.

RAS Realty Partners purchased the 34-unit Beaumont Oaks at Porters Neck Townhomes, according to a news release. The transaction was brokered by Wrightsville Beach-based Cadence Realty agents Evan Barton, Max Smith and Ross Tomaselli.
 
The property, which RAS bought from Logan Developers Inc., has 17 duplex buildings, with 16 three-bedroom units and 18 four-bedroom units.

“We are excited to add Beaumont Oaks at Porters Neck Townhomes to our portfolio and thank Logan Developers Inc. and Cadence Realty for an easy transaction, and we look forward to working together on similar projects soon,” said Michael Heller, of RAS Realty Partners, in the release.

RAS, which bought an upscale apartment complex at Riverlights in 2021, specializes in the acquisition, development and operation of multifamily properties across the United States, the release stated.

“The Townhomes at Beaumont Oaks fits our approach of acquiring newly constructed class A properties in healthy, growth-oriented markets in the southeast with positive employment growth and proven in-migration,” said Thomas Gurney of RAS, in the release.
 
According to the release, the townhomes are adjacent to a newly constructed, 204-unit, luxury, garden-style apartment property, as well as 62 for-sale single family homes under construction.
 
Tomaselli said in the release, "It is great for southeastern North Carolina to have a group like RAS taking such an interest in our market. We are excited about their acquisition in Wilmington and will continue to look for assets and deals that fit their investment thesis."
 
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