A 225-unit apartment complex in the works near the intersection of Carolina Beach Road and Independence Boulevard recently secured construction financing.

The project, called Venture at Port City, would bring a mix of one-, two- and three-bedroom apartments to several tracts along Carolina Beach Road, across from the Crossroads at Independence shopping center. The project, formerly called The Willow Apartments, has an estimated cost of $52 million.

Demolition and tree-clearing work is ongoing on the site at 3903, 3907 and 3913 Carolina Beach Road, according to Andy Weatherford, co-founder of Indianapolis-based development and construction firm Millstone. He said site grading and earthwork activities are expected to begin in the coming weeks.

The complex’s first units are expected to be available in the fall of 2026 with full completion projected in early 2027, Weatherford wrote in an email to the Business Journal on Wednesday.

Property records show a limited liability company registered to Millstone officials purchased the four tracts that make up the site in November for a combined total of more than $3.5 million.

According to a recent news release, Millstone officials worked with Greysteel, a national commercial real estate advisory firm, to arrange the project’s construction financing through a three-year, floating-rate loan and joint venture equity from an institutional real estate investment fund.

Difficult market conditions made 2024 a “challenging year to assemble capital for projects of this scale,” according to Weatherford.

“In helping us to bring together our capital partners for the project, Greysteel was instrumental in helping us to close on the financing for this project last month,” Weatherford wrote, “which now allows us to get to work on building and delivering some much-needed housing for the community of Wilmington.”

Chris Wilkins, a senior associate with Greysteel, led the team’s efforts on this project.

"Millstone is an exceptional organization to work with, and we're thrilled to be a part of their largest development to date within their growing pipeline,” Wilkins stated in the release. “Strong deals in desirable locations will continue to get capitalized in 2025 despite the more volatile capital markets environment. This asset will be a great addition to the midtown Wilmington market."

The apartments will feature modern finishes, including quartz countertops, stainless steel appliances, oversized balconies, walk-in closets and luxury vinyl plank flooring. Approximately 10% of the complex's units or 23 apartments will be workforce units for a period of 15 years. These units will target households earning at or below 80% of the area median income.

The project also features a range of amenities, including a resort-style saltwater pool, gas grilling stations, a clubhouse and an outdoor cabana with a poolside lawn area. The complex would offer several parking options, including integrated garages with direct building access, detached garages and surface lots.

In recent years, midtown Wilmington and the Carolina Beach Road corridor have witnessed an uptick in commercial and high-density residential rezonings and projects.