North Carolina Apartments Command $64M

1 min read

Completed earlier this month, the property is part of a 1,400-acre master-planned community.

Mosby at Riverlights. Image courtesy of Middleburg Communities

Middleburg Communities has sold Mosby at Riverlights, a 250-unit upscale community in Wilmington, N.C., for $63.8 million. The buyer, RAS Realty Partners, plans to rebrand the asset as Oasis at Riverlights.

The community delivered earlier this month after two years of construction. Middleburg Communities developed the property, and Cline Design Associates provided architectural services.

The property is located on 9.3 acres at 4027 Watercraft Ferry Ave. in Riverlights, a 1,400-acre master-planned community 7 miles southwest of downtown Wilmington. The four-building asset features a mix of one- to three-bedroom apartments ranging from 676 to 1,422 square feet. Interior amenities include granite countertops, stainless steel appliances and Bluetooth keyless entry.

Mosby at Riverlights is a short distance from the Cape Fear River waterfront and has access to a broad trail system leading to Marina Village, the mixed-use center of the master-planned community. Capitalizing on its natural surroundings, the property has an outdoor pool and patio, outdoor kitchens and grilling areas, a two-story clubhouse with terraces and bicycle and kayak storage.

Active diversification

Middleburg Communities has had a particularly active year. In June, the company entered the single-family rental market with the launch of The Hamlet brand. Four developments, located in Alabama, Florida and North Carolina, will initially be part of this portfolio.

The company kept busy on the multifamily front as well. At the end of September, the developer acquired a 30-acre site in Charlotte, N.C., for the construction of Mosby Steele Creek. The 272-unit community is slated for completion in the first half of 2023.

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