Riverwood Apartments Sell For Over $58M
Cape Fear Development announced Wednesday, May 24, that Riverwood Apartments, a luxury apartment and townhome rental community in Echo Farms, has sold for $58.46 million.
With support from Cape Fear Commercial, New York-based Cushman and Wakefield, a leading global real estate services firm, represented the seller, Riverwood Apartments, LLC, in the sale to buyer Graycliff Capital Partners.
One of Wilmington’s newest premier multifamily communities, Riverwood Apartments was completed in 2022, consisting of 206 units instilled with designer touches and substantial amenities. The property was developed by Cape Fear Development, a fully integrated development firm and affiliate of Cape Fear Commercial.
The community includes one-, two- and three-bedroom apartments, as well as multistory townhomes, a clubhouse packed with amenities and a resort-inspired saltwater pool.
“In the Wilmington area, there’s lots of runway in the multifamily sector,” said Cape Fear Development Partner Brian Eckel, “provided that you’re offering a first-rate product that speaks to the community.”
Cape Fear Development currently has several multifamily projects under construction throughout the Carolinas. Additionally, the firm is now developing three mixed-use projects in the Greater Wilmington area under the banner of The Proximity, a concept that focuses on place-making and localization to create unique spaces for live, work and play.
The Proximity at Carolina Beach, a ten-acre project south of Wilmington on Pleasure Island, will consist of 261 residential units and a host of retail and dining opportunities tailored to island life — as well as multi-use paths and expanded green space to promote walkability.
In northern New Hanover County, Cape Fear Development is planning multifamily community with more than 200 units, the Proximity at Blue Clay.
And along the banks of the Cape Fear River, at the end of Independence Boulevard in Wilmington, the Proximity at Watermark will be a multifamily community consisting of around 250 units that features a boat dock and living shoreline.
Read additional coverage of the Riverwood Apartments sale in the story, Rental Community In Echo Farms Sells For More Than $58 Million, published in the Wilmington Business Journal