WILMINGTON, NC—Capstone Apartment Partners facilitated the $32.9 million sale of Leland Station: a Class A 120-unit apartment community in the rapidly growing Wilmington suburb of Leland, North Carolina. The asset is ideally situated within the Waterford Village mixed-use community, providing residents with immediate access to a Harris Teeter, retail, dining, and entertainment venues.
Greensboro-based Brown Investment Properties developed, managed, and sold the property to private equity real estate investment firm PassiveInvesting.com, who acquired the asset in a transaction that closed on December 17. FCA Management will operate the property moving forward.
Delivered in 2020, Leland Station is comprised of one- and two-bedroom apartment homes in desirable carriage home floorplans, each unit including private entrance garages. Open concept floor plans feature a fully equipped kitchen, wood-style flooring, white cabinetry, granite countertops, black appliances, brushed nickel hardware and fixtures, walk-in closets, ceiling fans, smart locks and thermostats, washer/dryer, and a patio or balcony.
“Leland Station represented a fantastic opportunity to acquire a highly sought-after carriage home style Class A product with direct access garages and excellent community amenities, located in the fastest growing city in North Carolina. It was a pleasure working with Brown Investment Properties and Capstone Apartment Partners on this transaction,” said Eric Fitzgerald, Director of Acquisitions at PassiveInvesting.com.
The Capstone transaction team was led by Caleb Troop, Austin Green, Alex McDermott, and Rhodes Marley.
“The Leland suburbs have seen incredible population growth before and during the pandemic,” said Troop. “Leland Station is a differentiating product that meets the demands of the highly diverse demographics coming to the market.”
Community amenities include a swimming pool, fitness center, firepit, clubhouse, picnic/grilling area, pet play area, and package lockers. Leland Station was approximately 97% occupied at the time of closing.