Continental Realty Corp. buys apartment community in Wilmington, N.C.
Continental Realty Corp., on behalf of its Continental Realty Fund V, has acquired The Reserve at Mayfaire, a 264-unit apartment community in Wilmington, N.C., for $76 million.
The community was 99 percent leased at the time of this off-market sales transaction.
Delivered in 2004 and renovated four times since 2008, The Reserve at Mayfaire consists of one-, two- and three-bedroom floorplans ranging from 860 to 1,721 square feet.
CRC plans to invest in a continuing upgrade strategy that will address the remaining units over a multi-year period. These plans will focus on improvements to the in-unit appliance package, flooring and countertops in the kitchen and bathroom, as well as improvements in the community’s amenity areas, including new pool furniture and cabanas and enhancements to the grilling area with additional seating and a fire pit.
Continental Realty Fund V closed in 20