Apartment Complex Off Gordon Road Sells For Nearly $12M
Nov 16, 2017
A North Carolina investment group recently purchased an apartment complex off Gordon Road in Wilmington for nearly $12 million, according to an announcement from Cape Fear Commercial.
A commercial real estate firm headquartered in Wilmington, CFC announced Thursday that it had closed on the sale of Ellington Farms Apartments, a 96-unit community at 505 Vorils Lane in Wilmington.
Ellington Farms Apartments LLC sold the property to investors that included Associated Apartment Investors/Colony-EF LLC for $11.83 million, according to the deed recorded Wednesday.
“Fueled by regional investors, our local investment sales market is very active,” said Loukas, in Thursday’s news release. “While there has been a tremendous amount of new supply over the last several years, the fundamentals of our local multifamily market remain extremely healthy.”
Built in 2015, Ellington Farms is a garden-style apartment community that offers one-, two- and three-bedroom floor plans, the release said. Amenities include a resort-style, saltwater swimming pool and cabana, bark park, playground and a 24-hour clubhouse with a fitness and business center.
View this story by Cece Nunn on the Greater Wilmington Business Journal’s website.