WILMINGTON, NC—Capstone Apartment Partners has brokered the forward-purchase of Silo Ridge at Scotts Hill: a build-for-rent asset that is currently being constructed adjacent to the Blake Farms Master Planned Development in Wilmington, North Carolina. The 74.5-acre site is located on the north side of Sidbury Road in Pender County, just 15 minutes north of the heart of Wilmington.
Capstone’s Caleb Troop, Alex McDermott, Austin Green, Thomas Colaiezzi, Travis Cundiff, and Jourdan Sullivan sold the asset on behalf of the local seller and developer, McAdams Homes. The buyer, Banyan Residential, will control the lease-up process as the first units deliver later this summer.
“McAdams Homes will be delivering yet another high-end community in Wilmington right off Highway 17,” Troop said. “With a full slate of amenities and its direct connection to Blake Farms next door, this project will serve the immediate need for more quality housing in town.”
Upon completion, Silo Ridge will feature 299 units with a mix of one-, two-, three-, and four-bedroom single-family and townhome-style floorplans. Unit interiors will boast stainless steel appliances, granite countertops, designer cabinetry, wood-style flooring, Moen plumbing fixtures, ceiling fans, quartz bathroom countertops, and more. Community amenities will include a swimming pool, fitness center, dog park, picnic/grilling areas, walking and bike trails, and an onsite leasing office. Banyan Residential will complete its purchase of the community as Certificates of Occupancy are delivered by the homebuilder and general contractor, McAdams Homes.
With offices in Los Angeles, CA and Houston, TX, Banyan is an active buyer and developer of Build-to-Rent communities across the country and currently manages a Build-to-Rent pipeline exceeding $400 million in value, comprised of over 1,200 units. Banyan’s existing pipeline includes both detached single-family home and attached townhome communities that span across Arizona, Nevada, Texas, and North Carolina.