Continental Realty Corp. Acquires Apartment Community in Wilmington, North Carolina for $76M
WILMINGTON, N.C. — Continental Realty Corp. (CRC) has acquired The Reserve at Mayfaire, a 264-unit apartment community located at 1411 Parkview Circle in Wilmington. State Street Cos. sold the property to CRC for $76 million.
The Reserve at Mayfaire is a garden-style community with 12 three-story buildings. Built in 2004 and renovated four times since 2008, the apartment community includes one-, two- and three-bedroom floorplans ranging in size from 860 to 1,721 square feet. The community was 99 percent occupied at the time of the sale.
Units include granite or quartz kitchen and bathroom countertops, wood-style flooring, slide-in oven and stoves, in-unit washers and dryers and balconies or porches. Community amenities include a clubhouse with a conference center, kitchen facility, business center, movie theater, fitness center, package locker center, outdoor swimming pool with sundeck, poolside grilling pavilion, bocce ball court and a resident car wash facility.
The former owner renovated approximately 140 of the 264 units within The Reserve at Mayfaire. CRC plans to invest in a continuing upgrade strategy that will address the remaining units over a multi-year period. These plans will focus on improvements to the in-unit appliance package, flooring and countertops in the kitchen and bathroom, as well as in the community’s amenity areas.
The property was purchased via Continental Realty Fund V LP, CRC’s $210.8 million private equity fund focused on acquiring value-add retail and multifamily properties in the Mid-Atlantic and Southeast regions. This acquisition represents the fourth multifamily community purchased in the Southeast by the fund, bringing its overall property count to 12 since it was formed in 2019.