Class B Apartment Community Near UNC Wilmington Draws Immediate Investor Interest
APG Capital is pleased to announce the successful sale of Eagle’s Drift, a 12-unit apartment community located at 4311 Maple Avenue in Wilmington, North Carolina. The
property traded for $2,215,000 at a 5% cap rate and was 92% occupied
at the time of closing. The transaction went under contract within one day of hitting the market, reflecting continued investor demand for well-located multifamily assets in coastal North Carolina.
APG Capital’s Daniel Walser, CCIM, Vice President, and James Anthony III, Vice President, provided seller representation on behalf of the ownership group. APG originally acquired the property in 2021 and has since overseen strategic improvements that positioned the asset for a successful disposition.
The Class B apartment community, originally constructed in 1996, consists of 12 two-bedroom, two-bath units of 975 square feet. Situated within a quiet residential pocket near UNC Wilmington, Eagle’s Drift offers a unique “micro-community” atmosphere that continues to appeal to residents seeking a more intimate and neighborhood-oriented living experience.
During ownership, the units were extensively renovated with updated flooring, stainless steel appliances, painted cabinetry, upgraded hardware, washer/dryer installations, bathroom improvements, and enhanced exterior signage. Residents also benefited from community amenities including a gazebo with firepit, patio area, custom built-in grill, and fenced dog park.
“Eagle’s Drift represented a compelling opportunity because of its location, condition, and scale,” said APG’s Daniel Walser, CCIM. “Smaller multifamily communities that are thoughtfully maintained and positioned within established neighborhoods continue to attract strong interest from private investors looking for stable occupancy and long-term value.”
The transaction reflects continued demand for smaller multifamily assets in coastal North Carolina, particularly well-maintained communities in highly desirable submarkets.
Congratulations to the ownership group on a successful closing.
To learn more about our portfolio and upcoming opportunities, visit APG Capital.