NEWS RELEASE: Investor Group Buys 83 Historic Downtown Homes
May 31, 2016
Wilmington, NC – May 31, 2016 – Commercial real estate firm Cape Fear Commercial, LLC (“CFC”) announced today that it has closed on the investment sale of a rental home portfolio, primarily concentrated in downtown Wilmington. The portfolio, which consists of 83 houses and a total of 93 rental units, sold for $4.935 million to a private group of Atlanta-based investors.
CFC broker Paul S. Loukas, CCIM represented the Seller in the transaction. Loukas worked closely with Matthew Scharf, who is the managing member of the portfolio’s multiple ownership entities. The Buyer, Olson Portfolio 2, LLC, was once based in Wilmington and is a part of the film industry.
“While the return is potentially higher than that of other investment properties, such as multifamily or office, the management requirement is much more intensive and cumbersome,” said Loukas. “This sale was complicated and unique, and it required a very specific buyer who not only had knowledge of the local market, but also had the experience and capability of purchasing a portfolio of this size.”
About Cape Fear Commercial
Founded in 2001, Cape Fear Commercial is a full service commercial real estate advisory firm based in Wilmington, North Carolina. The firm offers brokerage, property management and development services. For more information on Cape Fear Commercial, visit www.capefearcommercial.com.