NC Community Changes Hands for $14M

Tribute Properties sold the 152-unit garden-style property to Cohen Investment Group. Deerbrook is spread across 18 buildings and is located in Wilmington, N.C.
Deerbrook
Deerbrook

Cohen Investment Group has acquired Deerbrook, a 152-unit apartment community in Wilmington, N.C., for $14.4 million from Tribute Properties. According to Yardi Matrix data, the asset was 96.1 percent occupied at the time of the sale.

Located at 703 Grathwol Drive, Deerbrook is 4 miles north of downtown Wilmington. The community is within a 10-minute drive of both Wilmington International Airport and the University of North Carolina Wilmington.

Completed in 1999, the garden-style property encompasses 18 buildings and comprises a mix of one-, two- and three-bedroom units ranging from 400 to 1,100 square feet. Common-area amenities include a community room, a swimming pool, laundry facilities and 320 parking spaces.

Cushman & Wakefield’s Watson Bryant, Jordan McCarley and Paul Marley represented the seller in the transaction. In late 2018, the team also brokered the $37.5 million sale of The Reserve at Magnolia Ridge, also located in N.C.

“Deerbrook is ideally located in the northern submarket of Wilmington, well-positioned for new ownership to realize remarkable gains from organic rent growth and a proven value-add initiative,” Bryant said, in a prepared statement.

Image courtesy of Cushman & Wakefield