Cushman & Wakefield represented Cape Fear Commercial Real Estate of Wilmington, N.C., in the sale of One Midtown luxury apartments for $37.9 million to The Wilkinson Group of Atlanta.
One Midtown has 223 luxury apartment homes located at 2945 Midtown Way, between Wilmington’s historical downtown area and the coast. One Midtown is 92 percent leased and was built in 2015.
Executive Managing Director Jordan McCarley, Vice Chair Marc Robinson, Managing Director Watson Bryant and Senior Associate Paul Marley of the Cushman & Wakefield Charlotte office represented Cape Fear Commercial in the transaction.
“Featuring top-of-the-market construction and recreational amenities catering to the area’s active lifestyle, One Midtown is well-positioned for growth in the thriving, high-barrier-to-entry Wilmington market,” said McCarley.
Wilmington boasts one of the healthiest secondary markets in the nation anchored by recession-resilient jobs in education, healthcare and government. Population in the region grew by more than 162,000 residents from 1990 to 2010, representing a cumulative growth rate of 81%, and is forecasted to grown by 13% through 2020.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow@CushWake on Twitter.