Print
Real Estate - Residential

Developers Pay $8M For Surf City Property

By Staff Reports, posted Jul 9, 2024
Developers recently bought ocean-to-sound tracts in Surf City for residential development. (Illustration courtesy of Cape Fear Commercial)

Developers recently paid $8 million for a 7-acre residential development site on Topsail Island, brokers said Tuesday.

The Surf City property includes multiple tracts on N. New River and N. Topsail drives, stretching from the ocean to the sound, according to a news release from Wilmington-based real estate firm Cape Fear Commercial. A few of the tracts previously held mobile homes.

In addition to the 7 acres, the purchase included 44 acres of wetlands.

The buyer, SunGate Properties LLC, received approvals from the town of Surf City to build 11 single-family homes and 32 duplexes on the 7 acres, the release stated. KJ Steinhoff, one of the developers involved in SunGate Properties LLC, declined to comment on the purchase Tuesday.

According to his LinkedIn page, Steinhoff is a “developer of beach community housing for both investors and family use with a focus on delivering a luxurious living experience that has the ability to maximize one's return both financially and personally.”

Paul Loukas, partner and broker in charge at Cape Fear Commercial, represented the sellers, members of the Hines family, in the transaction. 

“This transaction underscores the strong demand for vacation and second homes in the region, including the evolving Surf City market,” Loukas stated in the release. 

Commenting on the market in general, Loukas said in the release, "While market fundamentals remain strong, we are seeing a bottleneck in transactions and development stemming from elevated construction costs, higher interest rates, lending limitations and permitting delays.

"These factors have collectively created a more challenging environment for getting deals done compared to just a few years ago.”

Ico insights

INSIGHTS

SPONSORS' CONTENT
Chris 16239425

E31: Adam Shay, CPA - How I Built and Sold My CPA Firm

Chris Capone - Capone & Associates
Gretchen roberts 2021

From Contracts to Offshoring: 7 Powerful Gross Margin Growth Levers

Gretchen Roberts - Red Bike Advisors
Burrus rob headshot 300x300

Real Estate Markets Yesterday and Today

Robert Burrus - Cameron School of Business - UNC-Wilmington

Trending News

Commercial Real Estate Firm Expands Into Wilmington

Emma Dill - Feb 11, 2025

MedNorth Breaks Ground On Clinic Expansion

Emma Dill - Feb 10, 2025

UNCW Business School Grads Launching App

Cece Nunn - Feb 10, 2025

WMPO Board Re-elects Officers

Staff Reports - Feb 11, 2025

Endowment Announces New Roles, Research And Impact Department

Staff Reports - Feb 11, 2025

In The Current Issue

Small Business Spotlight: Bookstore Fans Romantasy Flame

"I think people want something that is far from reality to escape to, a story they can be fully immersed in, fall in love with characters, c...


Officials Count Film Dollars, Challenges

The growth of Wilmington’s film industry since the 1980s, when Dino De Laurentiis built his studio here, has not been steady or even predict...


Homebuilder Finds Room To Grow Here

“It’s not a huge market, but it’s not a small market either. There’s enough room for us to have a presence.”...

Book On Business

The 2024 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2024 Power Breakfast: The Next Season