Attributes

Number of units

429

Year built

1941

Building area gross

401,750 sf

Land area net

54 acres

Description

Jones Lang LaSalle, a North Carolina licensed real estate broker, has been retained as the exclusive sales representative for Life at Lakeside Villas, a 429-unit garden-style community in Wilmington, NC. This offering presents a unique opportunity to acquire a well-located affordable housing asset with a clear path to substantial value creation as market restrictions expire in the near term.

Life at Lakeside Villas benefits from an exceptional location in Wilmington's growing corridor, with convenient access to historic Downtown Wilmington and Novant Health New Hanover Regional Medical Center, two of the city's primary employment and economic drivers. The property sits within minutes of retail, dining, entertainment, and outdoor recreation, providing residents with an unmatched quality of life in one of the nation's fastest growing coastal markets. As the community continues to serve the critical workforce housing need in the region, the property's fundamentals position it well for sustained performance.

Wilmington continues to lead the nation in inbound migration, with the metro area adding residents at an unprecedented pace and earning recognition as the top destination for movers in 2024. The Cape Fear Region, comprising New Hanover, Brunswick, and Pender Counties, ranks among the fastest growing areas in the country, fueled by explosive job growth, major capital investments exceeding $680 million, and a business climate that continues to attract Fortune 500 companies and emerging industries alike. The combination of expiring use restrictions, proven market fundamentals, and one of the strongest growth trajectories in the Southeast positions Life at Lakeside Villas as a compelling investment opportunity with significant long-term value creation potential.

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Investment Highlights

• 15% Lease Trade-Out Opportunity – Significant near-term rent growth potential through systematic lease renewals as current below-market rents reset to market rates

• Rare Scale in Land-Constrained Market – One of the largest multifamily communities in Wilmington with substantial site acreage offering long-term strategic value

• Exceptional Wilmington Location – Convenient access to Downtown Wilmington, Novant Health New Hanover Regional Medical Center, and minutes from shopping, dining, and entertainment

• Proven Rental Momentum – Strong occupancy and consistent demand demonstrate the property's appeal in serving the region's critical workforce housing need

• Wilmington Leading Inbound Migration – Recognized as the top destination for movers nationwide, driving sustained housing demand across all price points

• Explosive Cape Fear Region Growth – New Hanover, Brunswick, and Pender Counties rank among the fastest growing areas in the country with major employment and infrastructure investments

• Established Tax Abatement Program – Opportunity for new ownership to benefit from North Carolina's non-profit tax exemption, enhancing operating economics

• Near-Term Strategic Flexibility – Land Use Restrictive Agreement expiration in 2030 provides future optionality for the incoming owner