CHARLOTTE, North Carolina, April 2, 2018 – Cushman & Wakefield has arranged the $30.25 million sale of Myrtle Landing, a 144-unit apartment community located in Wilmington, North Carolina. At $210,000 per unit, the sale sets a new high water benchmark for multifamily sales in eastern North Carolina.
Jordan McCarley, Watson Bryant and Paul Marley of Cushman & Wakefield represented the seller, Tribute Companies, in the transaction. Spyglass Capital Partners acquired the property. “Myrtle Landing is very unique property which offers new ownership the ability to target renters preferring a low-density condo-grade townhome community,” said McCarley.
“While we are primarily long-term owners, the sale of Myrtle Landing has been a success for Tribute,” said Mark Maynard, Sr., CEO of Tribute Companies. “We think Wilmington is a great place to invest, and we look forward to increasing our investment with several exciting new projects in the pipeline.” Tribute is the largest apartment owner in Wilmington, with over 3,000 units located in the area.
Spyglass Capital plans to create an amenity package to rival the largest properties in the submarket to achieve best-in-market retention for this unique townhome product that offers a compelling alternative to the cluster of competing three-story garden-style properties that represent the competitive set.
“Spyglass Capital was drawn to the asset because of how well it fit the target demographic,” said Adam Cohen, President of Spyglass Capital Partners. “Pet owners love the private patios and bark parks; retirees want single-level living with no neighbors above or below; and young families appreciate the unique cottage-style housing and cul-de-sac/neighborhood feel.”
Cushman & Wakefield’s Southeast Multifamily Advisory Group is the most active firm in the region, with the No. 1 market share based on transactions and sales volume reported to CoStar. In 2017, the group closed $4.8 billion in sales volume (a 34.6 percent year-over-year increase) through 268 deals and more than 55,000 units. For more information about Cushman & Wakefield’s Southeast Multifamily Advisory Group, visit https://multifamily.cushwake.com.