Waterstone MFG Arranges $6M Sale of NC Asset

The 32-acre property served as Coast Guard housing prior to being auctioned off by the government. A developer acquired it for $2.5 million in 2016 and implemented thorough renovations.
Coastal Park Townhomes in Elizabeth City, N.C.
Coastal Park Townhomes

Waterstone Multifamily Group has arranged the $6.2 million sale of an Elizabeth City, N.C., community. Viking Investments acquired the 72-unit property from Coastal Park Townehomes LLC. Managing Partner John Bergin together with Investment Advisor Brent Kubitschek, from Waterstone’s Charlotte office, represented the seller.

Coastal Park Townehomes is located at 1870 Weeksville Road and was recently redeveloped by previous ownership. The community served as housing for the local Coast Guard until 2016. According to The Virginian Pilot, developer Jim Rose acquired the vacant 32-acre property in 2016, in a government auction, for $2.5 million. Rose rehabbed the entire property, adding video surveillance and securing the entrance, along with in-unit improvements and amenities. Coastal Park features three- and four-bedroom units averaging 1,500 square feet.

The community is approximately 45 minutes away from both Outer Banks and the Hampton Roads area. The Elizabeth City Coast Guard base employs more than 2,000 people, making it one of the most important economic drivers in the area. Other important employers include Elizabeth City State University and two other colleges. Elizabeth City Regional Airport is less than 2 miles away.

Recent activity

Waterstone Multifamily Group closed seven transactions in 2018, including the $3.9 million sale of Georgetowne Apartments in Tarboro, N.C. The firm also arranged the sale of Fields Parkside in Winston-Salem, Beaufort Village in Beaufort, River’s Edge in Greenville, Washington Square in Shelby, N.C., as well as Terrace View in Colonial Heights, Va.

I am completely impressed with the Waterstone disposition platform. We had 13 offers in under 60 days,” said Jim Rose of Coastal Park Townehomes LLC, in a prepared statement.

Image courtesy of Waterstone Multifamily Group

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