NEWS RELEASE: Cape Fear Commercial Brokers $11.83 Million Multifamily Sale

Nov 16, 2017

Wilmington, N.C. – November 16, 2017 – Cape Fear Commercial today announced that it has closed on the sale of Ellington Farms Apartment in Wilmington. The 96-unit apartment complex located off Gordon Road sold for $11.83 million to a Charlotte-based investment group.

Will Leonard and Paul S. Loukas, CCIM, of Cape Fear Commercial represented the Seller, Ellington Farms Apartments, LLC, in the transaction.

“Fueled by regional investors, our local investment sales market is very active,” said Loukas. “While there has been a tremendous amount of new supply over the last several years, the fundamentals of our local multifamily market remains extremely healthy.”

Built in 2015, Ellington Farms is a garden style apartment community that offers one-, two- and three-bedroom floor plans. Amenities include a resort-style, saltwater swimming pool and cabana, bark park, playground and a 24-hour clubhouse with a fitness and business center.

About Cape Fear Commercial
Based in Wilmington, North Carolina, Cape Fear Commercial, LLC, is a boutique commercial real estate firm that provides targeted brokerage, property management and development services. The firm helps owners, users, developers and investors to successfully navigate the real estate market and is recognized as an industry leader for the unique perspective it brings to every project. For more information, visit www.capefearcommercial.com.