National homebuilder purchases subdivision

Nov 26, 2012

Story by: J. Elias O’Neal, posted on WilmingtonBiz.com

A national home builder could soon be building homes in a formally defunct subdivision in Leland.

Housing conglomerate D.R. Horton Homes recently purchased the Hawkeswater subdivision for $5.6 million, according to a deed filed with Brunswick County officials earlier this month.

Cofounder and principal broker of Wilmington-based Cape Fear Commercial Brian Eckel and fellow brokers Hank Miller and Paul Loukas, represented Troy-based First Bank during the transaction.

The sale consisted of 79 developed lots, 320 approved lots and townhomes as well as an undeveloped waterfront component on the river, according to a news release.

The subdivision was part of a bevy of bank-owned residential lots, mostly in Brunswick County, that the brokerage firm unveiled for sale in August.

The real estate firm responded to the handful of offers they received by asking the buyers for their highest and best offers by late September, the news release stated. From those offers, Cape Fear Commercial officials created a virtual data room that hosted 19 due diligence documents for review, which helped the buyers improve their offers and minimized the necessary inspection time.

“In anticipation of the sale, we performed weeks of meticulous and thorough due diligence, which directly minimized the necessary time to close the transaction as well as increased the likelihood of a successful closing by providing the answers that any buyer would have normally addressed while under contract before any contract was submitted,” Eckel said in the release.

The Wilmington brokerage firm has closed on six subdivisions, including Andrews Reach and Stone’s Edge in Wilmington, Southwynde in Southport, Diamond Point in Surf City and Trenny Lea in Hampstead.

Eckel said the firm has four other subdivisions – Ridgefield, Laurenbridge and River Oaks in Wilmington and Seabrooke in Leland – under contract by unnamed buyers.

The firm also announced Monday it would be rolling out a portfolio sale in January consisting of several subdivisions with nearly 500 developed lots and an additional 400 acres approved for close to 1,000 home lots throughout the region.

View the original story at the Greater Wilmington Business Journal.