Capstone Closes $4.38 Million Sale of 22-Acre Development Site in Master Planned Community in Wilmington MSA

LELAND, NC—Capstone Land Sales announces the $4.38 million sale of a 22.80-acre multi-family development site within the Westgate community of Leland. The buyer, Virginia-based Kotarides Developers, will break ground in 2023 on a 360-unit luxury apartment community with best-in-class amenities and picturesque views of Jackeys Creek.

“Kotarides is excited to announce its latest project in North Carolina, where we have been increasingly active,” said Charles Einwick, director of finance. “The population growth this market has seen is impressive, and we hope to meet that increasing demand for quality rental housing with best-in-class finishes and amenities.”

The Capstone brokerage team was led by Caleb Troop and Eric Liebich.  This will be the first apartment project in the Wilmington market for Kotarides, which has several other communities in Raleigh and Charlotte. Founded in 1963 by Alex and O. Pete Kotarides, the regional firm now owns and manages 24 apartment communities and several million square feet of commercial properties.

“The opportunities for developable, entitled multi-family land in the Wilmington MSA are slim to none,” Troop said. “That scarcity, paired with an incredible location next to robust retail and commercial services with immediate access to the entire Wilmington market, makes this an incredibly attractive site.”

“Kotarides’ multi-family development will be an ideal fit within the master-planned community of Westgate that will serve the needs of both a tenant base and submarket experiencing tremendous growth and momentum,” added Liebich.

Kotarides’ project will be part of the greater 550-acre Westgate community, which is comprised of retail and dining, apartment communities, and single-family homes, as well as the 146-acre Westgate Nature Park.

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