Cape Fear Commercial Brokers $4.67M Sale of RiverLights Apartments
Oct 22, 2018
Wilmington, N.C. – Cape Fear Commercial is pleased to announce the sale of RL Lofts, an 18-unit apartment complex with ground floor retail, in the master-planned RiverLights community of Wilmington, North Carolina. The three-story property, which sits within close proximity of the Cape Fear River, sold for $4.67 million to an out of state investor.
Paul S. Loukas, Cape Fear Commercial’s broker-in-charge, represented the seller, RL MXU I LLC, in the transaction.
“The rising interest rate environment has added another layer of complexity to investment sales,” said Loukas. “As the market is slowly pushing cap rates higher and applying pressure on valuations, quality assets, like RL Lofts, are countering with rising rents and improving fundamentals.”
Built in 2016, RL Lofts features 9,000 square feet of retail/commercial space on the ground level along with 18 apartment units on the floors above. Commercial tenants of the property include Magnolia Café, TowneBank Mortgage, and Southern Shores Beer & Wine, as well as master RiverLights developer Newland Real Estate Group’s new home 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. Learn more at www.capefearcommercial.com.