CRC Acquires MF Property in Wilmington, N.C. for $76M
Continental Realty Corporation (CRC) has acquired The Reserve at Mayfaire, an upscale 264-unit community in Wilmington, N.C. The sales price was $76 million.
Located at 1411 Parkview Circle, the garden-style community consists of 12, three-story buildings and features resort-style amenities. The community was 99% leased at the time of the off-market transaction. With the acquisition, CRC’s North Carolina multifamily portfolio now expands to six communities encompassing more than 1,150 units.
The asset was purchased on behalf of Continental Realty Fund V, L.P., a $210.8 million private equity fund focused on acquiring value-add retail and multifamily properties in the Mid-Atlantic and Southeast regions. The seller was State Street Cos.
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.