Following months of extensive renovation, the condos at North Pier Ocean Villas in Carolina Beach are now on the market.

The property, located at 1800 Canal Drive, was the subject of bankruptcy proceedings in 2022 after its former HOA filed for Chapter 11 bankruptcy. It was purchased at auction for $8.3 million and has since undergone major renovations.

“There was a lot that really needed to be done. I mean, this thing had to be taken down to bare bones to get it to where it is now,” said Matt Costin of The Costin Group with Nest Realty. 

Costin and Caroline Holman, also of The Costin Group, are handling sales for the property’s 40 units. Close to half of the units have already been sold, Costin said, with the first residents moving into the building at the beginning of the year.

Developed in the 80s, the complex includes two buildings, which saw significant damage from Hurricane Dorian in 2019. The former HOA was forced to file for bankruptcy after it lacked the cash necessary to bring the property’s buildings up to code, among other cash flow issues.

The property’s renovation was “design-driven,” according to a news release, blending “ timeless coastal textures with sophisticated modern comforts, creating a fresh take on coastal living.” Wilmington-based Romero Architecture designed the project.

"We’re excited to see this project through to the finish line," Caleb Kratsa, owner of North Pier Holdings LLC, stated in the release. “It’s been incredible to be part of Carolina Beach history, revitalizing an older building and bringing it back to life. Our goal was to create something modern with a relaxed coastal feel that anyone would want to be a part of. It’s the dawn of a new day for North Pier Ocean Villas.”

The condos include two- and three-bedroom units and feature open floor plans, hurricane-impact windows, Brazilian quartzite countertops, floor-to-ceiling windows and private terraces, according to the release. (The interior of a condo unit is shown below.)

The property also includes four penthouse units, priced up to $1.5 million. Costin said 24 condo units remain available for purchase, starting around $600,000. Each unit is named after a famous surfer or pays tribute to surfing culture, Costin added. The property’s amenities include a pool, hot tub and sun deck.

The units can be offered fully furnished, unfurnished or set up with a property management company or rental plan, Costin said.

“We have different variations,” he said. “The goal is just to try to figure out what each individual buyer may want and just be ready for that person so that they can have it ready to go for the summertime.”

Costin said he sees demand for new, updated units in the Carolina Beach residential market.

“The thing that’s cool about the property itself … it's got a modern feel to it,” Costin said, “and that's kind of harder to find in the Carolina Beach market, especially condos that are oceanfront.”

“It's something extremely unique, and I think it's something that people on the north end of the island can definitely take pride in because I love the fact that the developer didn’t just tear it down and completely redo something different, sell it off,” Costin said, “he wanted to go back and rebuild it and make it better.”