WILMINGTON, NC—Capstone Apartment Partners announces the $54 million sale of Belle Meade, a Class A apartment community in Wilmington, North Carolina. The asset is located at 1109 Matteo Drive in southern Wilmington, less than four miles from the Atlantic Coast and approximately 4.5 miles from downtown.
Capstone sold the property on behalf of Wilmington-based McAdams Homes, and procured the buyer, Southwood Realty, who is based in Gastonia, North Carolina.
“We are pleased to announce the sale of Belle Meade to a quality group in Southwood Realty. Southwood is a first-class organization and I am confident they will continue to build upon the past success of the community. With a host of development projects in our pipeline throughout the region, we remain committed to developing best-in-class communities that our residents are proud to call home,” said McAdams Homes CEO Adam Sosne.
The sale of Belle Meade is the second recent transaction between McAdams Homes and Southwood Realty. In October, Capstone brokered the $41 million sale of Lodges at Lake Wylie just outside of Charlotte, North Carolina.
Caleb Troop, Alex McDermott, and Austin Green led the Capstone Apartment Partners transaction team.
“This sale marks another successful exit for McAdams Homes on what was a well-executed project that witnessed an incredibly solid lease-up and strong demand from the market,” said Troop. “Despite the impact of COVID-19 and a flurry of multi-family development activity nearby, Belle Meade has performed extremely well, as has the Wilmington garden market in general over the past year.”
Built across three phases between 2016 and 2018, Belle Meade features one-, two-, and three-bedroom apartment homes. The community is fully amenitized with a resort-style swimming pool, clubhouse, fitness center, business center, dog park and washing station, picnic/grilling area, fire pit, and more. Each apartment features wood-style floors, a full-size washer/dryer, a patio or balcony, ceiling fans, and a fully equipped kitchen with designer cabinetry, granite countertops, stainless-steel appliances, and subway tile backsplash.