Exclusive: LivCor Sells North Carolina Asset for $72M
Blackstone’s multifamily arm traded this property after bringing it online last year.
LivCor, Blackstone’s multifamily arm, has sold The Helmsman, a 262-unit asset in Wilmington, N.C., for $71.9 million or $274,427 per unit, according to Yardi Matrix data.
Portsmouth Real Estate Partners purchased the property, while Walker & Dunlop issued a $47 million Fannie Mae acquisition loan, the data provider shows. Previous debt consisted of a $42.3 million construction note issued by First Horizon Bank in 2022.
The Helmsman, formerly dubbed Flats at Hanover Center, changed hands once more during its predevelopment days. The project was initially under Preferred Apartment Communities’ ownership. Blackstone acquired that company for $5.8 billion in 2022.
READ ALSO: How HUD’s ‘Simplifying’ Multifamily Investment
The Helmsman consists of two four-story buildings sitting on more than 7 acres. Floorplans average 979 square feet across one- to three-bedroom layouts. Units feature smart home technology, while select apartments comprise private patios or balconies. Community amenities consist of a business center with coworking spaces, a gym, a dog park and a swimming pool, among others.
Located at 3520 Park Ave., the property is less than 4 miles southeast of downtown Wilmington. U.S. Route 17 runs less than a mile away, while more than 1.3 million square feet of retail space and a park can be found within walking distance.
North Carolina’s dynamic multifamily investment market
The multifamily transaction volume across metro Wilmington clocked in at nearly $150 million during the first three quarters of 2025, marking a 35.8 percent increase year-over-year, according to Yardi Matrix data. Assets traded on average at $162,161 per unit, substantially below The Helmsman’s acquisition price.
Wilmington’s performance mirrors that of Charlotte, N.C., where total sales volume also witnessed a similar 21.2 percent year-over-year growth during the first nine months of 2025, the data provider shows. However, other North Carolina markets did not fare as well, with Raleigh-Durham’s investment declining by 7.6 percent during the same period.
Other Old North State deals include Blackstone’s $74.6 million sale of 476 units across two assets to Greystar last month, the same source shows. The duo is in Charlotte.
