Commercial Real Estate Blog
New York firm buys Ogden-area apartments for $22M | WilmingtonBiz
A company based in New York City paid more than $22 million for apartments in northern New Hanover County, according to deeds recorded in New Hanover County this week. Gamma Real Estate, via GRE JV Wilmington LLC, bought the first phase of The Park at Three Oaks for about $16.6 million and the second phase for a little more than $5.5 million, deeds show. The sellers were Three Oak Property and Ogden 12 Properties, respectively, limited liability companies managed by R. David Sweyer, owner and operator of Sweyer Property Management in Wilmington. The first phase of the apartment community, located on Amaryllis Drive in the Ogden area, includes 156 units while the second, newer phase is made up of 45 units. The second phase sold at more than $120,000 per unit, the highest per-unit price paid to date in Wilmington for a unit not included in a student housing property, said Richard Cotton, a broker and managing director of Multifamily Realty Advisors. Cotton, who was not involved in The Park at Three Oaks transactions, keeps track of apartment sales in the Wilmington and Triangle markets. In an email Thursday, Cotton said the highest per-unit price to date for a newer, by-the-bed student housing apartment community in Wilmington involved one of his listings, Camden Forest Students Apartments, which sold in 2013 for more than $163,000 per unit. According to The Park at Three Oaks website, the one- and two-bedroom apartments feature 9-foot ceilings and granite countertops. They range in size from 675 to 1,080 square feet. Efforts to reach someone at Gamma Real Estate to ask about the firm’s purchase in Wilmington were not immediately successful Friday.
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