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Confidential Offering Memorandum
BEAU RIVAGE APARTMENT SITE
WILMINGTON, NORTH CAROLINA
Approved Site Plan for 120 Apartment Units, Clubhouse and Pool (conceptual rendering, not to scale)
Asking Price:
$1,200,000
This confidential offering memorandum has been prepared for informational purposes to assist a potential purchaser in
determining whether it wishes to proceed with an in-depth investigation of the property. The information contained herein has
been obtained from reasonably reliable sources and we have no reason to doubt the accuracy of such; however, no representations
or warranties, express or implied, as to the accuracy or completeness of this memorandum or any of its contents shall be deemed
made. Interested parties are expected to review independently all documents relating to the property as to the accuracy and
completeness of the information contained herein. The property is offered in “as-is” condition without representations or
warranties, expressed or implied, as to acreage, zoning or other matters affecting the value or use of the property. This
memorandum is submitted subject to errors, omissions, prior sale, withdrawal from market, or change in price without notice.
MRA
Multifamily Realty Advisors, LLC
Apartment Brokers and Advisors
www.mra-apartments.com
RICHARD R. COTTON
Raleigh, North Carolina
rcotton@mra-apartments.com
910-431-7986
Wilmington, North Carolina
Multifamily Realty Advisors is pleased to represent the Seller as their exclusive listing broker in connection with the sale of
the Beau Rivage Apartment Site (the “Site”) in Wilmington, North Carolina. The Site is located along Beau Rivage Drive,
which is the entryway to the beautiful golf and resort community of Beau Rivage Plantation. Qualified developers are offered
the opportunity to acquire this exceptional site which will be conveyed with an approved site plan and all development
permits. The site is approved for an apartment community of 120 units consisting of one, two, and three bedroom apartments
together with Clubhouse, Fitness Center, and Pool.
Market (MSA)
Submarket
NHC Parcel ID
South Wilmington
Portion of #R07800-006-263-000
Number of Acres
10.38 Acres
Current Zoning
R-15 (Performance Residential)
Permitted Uses
Single Family and Multifamily
Site Plan
Approved Plan for 120 Apartments
Asking Price *
$1,200,000
Price Per Acre
$115,607
Price Per Unit
$10,000
* The approved site plan and all development permits will convey to Buyer at Closing. However, Buyer will reimburse Seller for Seller's cost of obtaining the
approvals and permits. Such reimbursements are in addition to the price of the land. NOTE: Architectural design and building permits are not included.
The Site is approximately 8 miles from Historic Downtown Wilmington to the north and approximately 4 miles from
Carolina Beach to the south. The Site is just 2 miles south of the area known as “Monkey Junction”, a major shopping district
where South College Road (NC 132) meets Carolina Beach Road (NC 421). Dining, shopping, and schools are all within a few
minutes of the neighborhood. Coastal beaches, historic downtown, UNC-Wilmington, and New Hanover Medical are all
within a 12 minute drive from the Site. Local schools include Bellamy Elementary, Murray Middle and Ashley High.
Entry to the Site is from Carolina Beach Road at Beau Rivage Drive, which is the entryway to the golf and resort community
of Beau Rivage Plantation. Beau Rivage Drive is a private road that runs directly through the entire length of the Site
beginning at Carolina Beach Road and ending at Rivage Promenade (see site plan on page 4).
The centerpiece of the Beau Rivage Plantation golf and resort community is its award winning 18-hole golf course that is open
to the public. The Beau Rivage Resort is a full service golf resort with a southern style Clubhouse, thirty-two hotel rooms,
banquet facility, mature landscaping, and reasonable membership fees. Family membership is currently $2,400 a year or
$200 a month. Couple membership is $2,040 a year or $170 a month. Single membership is $1,680 a year or $140 a month.
Out of town membership is $675 a year for full golf, tennis and pool amenities. And there are social and seasonal pool
memberships available for use of the driving range, tennis courts and the pool. Green fees for the public and non-members
range from $20 to $39 for nine to eighteen holes. In addition to golf, there are tennis courts, a full service restaurant, an
Olympic-sized outdoor swimming pool and a large Tiki Bar. Club packages, including golf, tennis, pool and restaurant are
available to residents and to the public. The dining room and bar are also open the public.
The Beau Rivage Homeowner's Association was incorporated on February 10, 1989. It currently consists of 345 homes in the
Beau Rivage Plantation Golf Resort community. The homes within Beau Rivage range from larger detached single-family
homes to smaller brick homes and patio homes lining the golf course. Recent home sale listings within Beau Rivage have
ranged from $170,000 to $524,900.
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Site Location
Most of the new apartment development has been in the North submarket. The Beau Rivage community is located in the
South submarket, just south of Monkey Junction in the Myrtle Grove area. There has been extremely limited development
of year-round moderate to upscale rental apartments to meet the demand of the labor force that works in the area south of
Monkey Junction. The Beau Rivage Site offers a strategic location to capture the underserved demand that exists
throughout the entire region south of Monkey Junction and extending to Carolina Beach, Kure Beach and Fort Fisher.
Beau Rivage Apartment Site 
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Approved Site Plan for 120 Apartment Units, Clubhouse and Pool (conceptual rendering, not to scale)
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Apartment Site
Apartment Site
Photo of Beau Rivage Drive (Apartment Site)
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MARKET RENT SURVEY
The tables below show the current market rents for all non-student apartment communities built in the past 12
years. The average overall monthly rental rate for apartment communities built in the past 5 years is $1,149 or
$1.23 per square foot compared to $960 or $1.03 per square foot for communities built in the past 12 years. These
figures exclude “by-the-bed” student housing communities. The average rental rate for the entire market is
currently $835 per month.
As indicated above, the demand for new apartments in Wilmington has proven to be exceptionally strong. Newer
apartments (1-5 year age group) have the highest average rents with the lowest vacancy. For the market as a
whole, the average occupancy rate is currently around 94.5 percent. Same-project rents increased an average of
3.1 percent over the past year compared to 4.1 percent in the prior year, according to Real Data Apartment Index.
The Wilmington apartment market is considered to have three distinct submarkets--- North Wilmington, South
Wilmington, and Brunswick County. The North submarket includes the portion of New Hanover County located
north of US Highway 76. It is bordered by Pender County to the north and Brunswick County to the west. The
downtown area and the University of North Carolina at Wilmington are located within the North submarket. The
South submarket includes the portion of New Hanover County located south of US Highway 76. It is bordered by
the Atlantic Ocean to the east and Cape Fear River to the west. The Brunswick submarket is west of the Cape Fear
River and consists of apartment communities located within the towns of Leland, Southport and Shallotte in
Brunswick County.
CURRENT MARKET RENTS
NON-STUDENT COMMUNITIES BUILT IN THE PAST 12 YEARS
ABBOTTS RUN
Unit Type
Units
Unit SF
Total SF
Market Rent
Per SF
1 BR/1 BA
120
498
59,760
$591
$1.19
2 BR/2 BA
96
954
91,584
$779
$0.82
3 BR/3 BA
48
1,275
61,200
$845
$0.66
264
805
212,544
$706
$0.88
Completed in 2002. Located in North submarket.
Variations of the same unit types have been consolidated above.
AMBERLEIGH SHORES
Unit Type
Units
Unit SF
Total SF
Market Rent
Per SF
1 BR/1 BA
90
794
71,460
$1,036
$1.31
2 BR/1 BA
111
1,046
116,106
$1,200
$1.15
3 BR/2 BA
38
1,286
48,868
$1,411
$1.10
239
989
236,434
$1,172
$1.18
Completed in 2014. Currently in lease-up. Located in North submarket.
Property has 8 floor plan variations which have been consolidated above.
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MARKET RENT SURVEY
AVALON
Unit Type
Units
Unit SF
Total SF
Market Rent
Per SF
1 BR/1 BA
84
784
65,856
$795
$1.01
2 BR/2 BA
252
1,025
258,300
$919
$0.90
3 BR/2 BA
36
1,279
46,044
$1,198
$0.94
372
995
370,200
$918
$0.92
BELLINGHAM PARK
Unit Type
Units
Unit SF
Total SF
Market Rent
Per SF
1 BR/1 BA
72
756
54,432
$825
$1.09
2 BR/2 BA
144
1,012
145,728
$980
$0.97
3 BR/2 BA
72
1,236
88,992
$1,170
$0.95
288
1,004
289,152
$989
$0.98
Completed in 2007. Located in South submarket.
COLONIAL GRAND AT WILMINGTON
Unit Type
Units
Unit SF
Total SF
Market Rent
Per SF
1 BR/1 BA
186
725
134,850
$733
$1.01
2 BR/2 BA
162
1,001
162,162
$806
$0.81
3 BR/3 BA
42
1,378
57,876
$1,109
$0.81
390
910
354,888
$804
$0.88
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MARKET RENT SURVEY
CYPRESS POND AT PORTERS NECK
Unit Type
Units
Unit SF
Total SF
Market Rent
Per SF
1 BR/1 BA
72
876
63,072
$925
$1.06
2 BR/2 BA
144
1,181
170,064
$1,078
$0.91
3 BR/2 BA
48
1,420
68,160
$1,213
$0.85
264
1,141
301,296
$1,060
$0.93
HAWTHORNE AT MURRAYVILLE
Unit Type
Units
Unit SF
Total SF
Market Rent
Per SF
1 BR/1 BA
84
720
60,480
$875
$1.22
2 BR/2 BA
96
1,124
107,904
$1,058
$0.94
3 BR/2 BA
24
1,333
31,992
$1,250
$0.94
204
982
200,376
$1,005
$1.02
HEADWATERS AT AUTUMN HALL
Unit Type
Units
Unit SF
Total SF
Market Rent
Per SF
1 BR/1 BA
124
845
104,780
$1,156
$1.37
2 BR/2 BA
144
1,242
178,848
$1,411
$1.14
3 BR/3 BA
18
1,389
25,002
$1,699
$1.22
286
1,079
308,630
$1,319
$1.22
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MARKET RENT SURVEY
NEW PROVIDENCE PARK
Unit Type
Units
Unit SF
Total SF
Market Rent
Per SF
1 BR/1 BA
114
600
68,400
$691
$1.15
2 BR/2 BA
114
1,000
114,000
$815
$0.82
3 BR/3 BA
60
1,360
81,600
$999
$0.73
288
917
264,000
$804
$0.88
PARK AT THREE OAKS
Unit Type
Units
Unit SF
Total SF
Market Rent
Per SF
1 BR/1 BA
45
675
30,375
$774
$1.15
2 BR/2 BA
156
1,030
160,680
$900
$0.87
201
951
191,055
$872
$0.92
POINT SOUTH
Unit Type
Units
Unit SF
Total SF
Market Rent
Per SF
1 BR/1 BA
84
600
50,400
$709
$1.18
2 BR/2 BA
156
900
140,400
$794
$0.88
3 BR/2 BA
72
1,125
81,000
$934
$0.83
312
871
271,800
$803
$0.92
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MARKET RENT SURVEY
RESERVE AT MAYFAIRE
Unit Type
Units
Unit SF
Total SF
Market Rent
Per SF
1 BR/1 BA
132
771
101,772
$1,290
$1.67
2 BR/2 BA
108
1,155
124,740
$1,647
$1.43
3 BR/2 BA
24
1,545
37,080
$1,854
$1.20
264
998
263,592
$1,488
$1.49
SOUTH FRONT
Unit Type
Units
Unit SF
Total SF
Market Rent
Per SF
1 BR/1 BA
87
538
46,806
$763
$1.42
1 BR/1.5
96
708
67,968
$933
$1.32
2 BR/1 BA
1
700
700
$700
$1.00
2 BR/2.5
32
925
29,600
$1,177
$1.27
216
672
145,074
$900
$1.34
TESLA PARK
Unit Type
Units
Unit SF
Total SF
Market Rent
Per SF
1 BR/1 BA
144
600
86,400
$669
$1.12
2 BR/2 BA
144
900
129,600
$769
$0.85
288
750
216,000
$719
$0.96
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MARKET RENT SURVEY
ONE-BEDROOM RENTS – SORTED BY MONTHLY RENT
Units
Unit SF
Total SF
Market Rent
Per SF
1 BR/1 BA
132
771
101,772
$1,290
$1.67
RESERVE @ MAYFAIRE
1 BR/1 BA
124
845
104,780
$1,156
$1.37
HEADWATERS @ AUTUMN HALL
1 BR/1 BA
90
794
71,460
$1,036
$1.31
AMBERLEIGH SHORES
1 BR/1.5 BA
96
708
67,968
$933
$1.32
SOUTH FRONT
1 BR/1 BA
72
876
63,072
$925
$1.06
CYPRESS POND @ PORTERS NECK
1 BR/1 BA
84
720
60,480
$875
$1.22
HAWTHORNE @ MURRAYVILLE
1 BR/1 BA
72
756
54,432
$825
$1.09
BELLINGHAM PARK
1 BR/1 BA
84
784
65,856
$795
$1.01
AVALON
1 BR/1 BA
45
675
30,375
$774
$1.15
PARK @ THREE OAKS
1 BR/1 BA
87
538
46,806
$763
$1.42
SOUTH FRONT
1 BR/1 BA
186
725
134,850
$733
$1.01
COLONIAL GRAND @ WILMINGTON
1 BR/1 BA
84
600
50,400
$709
$1.18
POINT SOUTH
1 BR/1 BA
114
600
68,400
$691
$1.15
NEW PROVIDENCE PARK
1 BR/1 BA
144
600
86,400
$669
$1.12
TESLA PARK
1 BR/1 BA
120
498
59,760
$591
$1.19
ABBOTTS RUN
1,534
695
1,066,811
$851
$1.22
Unit Type
Community
ONE-BEDROOM RENTS – SORTED BY PER SQUARE FOOT MONTHLY RENT
Units
Unit SF
Total SF
Market Rent
Per SF
1 BR/1 BA
132
771
101,772
$1,290
$1.67
RESERVE @ MAYFAIRE
1 BR/1 BA
87
538
46,806
$763
$1.42
SOUTH FRONT
1 BR/1 BA
124
845
104,780
$1,156
$1.37
1 BR/1.5 BA
96
708
67,968
$933
$1.32
SOUTH FRONT
1 BR/1 BA
90
794
71,460
$1,036
$1.31
AMBERLEIGH SHORES
1 BR/1 BA
84
720
60,480
$875
$1.22
1 BR/1 BA
120
498
59,760
$591
$1.19
ABBOTTS RUN
1 BR/1 BA
84
600
50,400
$709
$1.18
POINT SOUTH
1 BR/1 BA
114
600
68,400
$691
$1.15
NEW PROVIDENCE PARK
1 BR/1 BA
45
675
30,375
$774
$1.15
PARK @ THREE OAKS
1 BR/1 BA
144
600
86,400
$669
$1.12
TESLA PARK
1 BR/1 BA
72
756
54,432
$825
$1.09
BELLINGHAM PARK
1 BR/1 BA
72
876
63,072
$925
$1.06
1 BR/1 BA
84
784
65,856
$795
$1.01
AVALON
1 BR/1 BA
186
725
134,850
$733
$1.01
1,534
695
1,066,811
$851
$1.22
Unit Type
Community
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MARKET RENT SURVEY
TWO-BEDROOM RENTS – SORTED BY MONTHLY RENT
Units
Unit SF
Total SF
Market Rent
Per SF
2 BR/2 BA
108
1,155
124,740
$1,647
$1.43
RESERVE @ MAYFAIRE
2 BR/2 BA
144
1,242
178,848
$1,411
$1.14
2 BR/1 BA
111
1,046
116,106
$1,200
$1.15
AMBERLEIGH SHORES
2 BR/2.5 BA
32
925
29,600
$1,177
$1.27
SOUTH FRONT
2 BR/2 BA
144
1,181
170,064
$1,078
$0.91
2 BR/2 BA
96
1,124
107,904
$1,058
$0.94
2 BR/2 BA
144
1,012
145,728
$980
$0.97
BELLINGHAM PARK
2 BR/2 BA
252
1,025
258,300
$919
$0.90
AVALON
2 BR/2 BA
156
1,030
160,680
$900
$0.87
PARK @ THREE OAKS
2 BR/2 BA
114
1,000
114,000
$815
$0.82
NEW PROVIDENCE PARK
2 BR/2 BA
162
1,001
162,162
$806
$0.81
2 BR/2 BA
156
900
140,400
$794
$0.88
POINT SOUTH
2 BR/2 BA
96
954
91,584
$779
$0.82
ABBOTTS RUN
2 BR/2 BA
144
900
129,600
$769
$0.85
TESLA PARK
2 BR/1 BA
1
700
700
$700
$1.00
SOUTH FRONT
1,860
1,038
1,930,416
$998
$0.96
Unit Type
Community
TWO-BEDROOM RENTS – SORTED BY PER SQUARE FOOT MONTHLY RENT
Units
Unit SF
Total SF
Market Rent
Per SF
2 BR/2 BA
108
1,155
124,740
$1,647
$1.43
RESERVE @ MAYFAIRE
2 BR/2.5 BA
32
925
29,600
$1,177
$1.27
SOUTH FRONT
2 BR/1 BA
111
1,046
116,106
$1,200
$1.15
AMBERLEIGH SHORES
2 BR/2 BA
144
1,242
178,848
$1,411
$1.14
2 BR/1 BA
1
700
700
$700
$1.00
SOUTH FRONT
2 BR/2 BA
144
1,012
145,728
$980
$0.97
BELLINGHAM PARK
2 BR/2 BA
96
1,124
107,904
$1,058
$0.94
2 BR/2 BA
144
1,181
170,064
$1,078
$0.91
2 BR/2 BA
252
1,025
258,300
$919
$0.90
AVALON
2 BR/2 BA
156
900
140,400
$794
$0.88
POINT SOUTH
2 BR/2 BA
156
1,030
160,680
$900
$0.87
PARK @ THREE OAKS
2 BR/2 BA
144
900
129,600
$769
$0.85
TESLA PARK
2 BR/2 BA
96
954
91,584
$779
$0.82
ABBOTTS RUN
2 BR/2 BA
114
1,000
114,000
$815
$0.82
NEW PROVIDENCE PARK
2 BR/2 BA
162
1,001
162,162
$806
$0.81
1,860
1,038
1,930,416
$998
$0.96
Unit Type
Community
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MARKET RENT SURVEY
.THREE-BEDROOM RENTS – SORTED BY MONTHLY RENT
Units
Unit SF
Total SF
Market Rent
Per SF
3 BR/2 BA
24
1,545
37,080
$1,854
$1.20
RESERVE @ MAYFAIRE
3 BR/3 BA
18
1,389
25,002
$1,699
$1.22
3 BR/2 BA
38
1,286
48,868
$1,411
$1.10
AMBERLEIGH SHORES
3 BR/2 BA
24
1,333
31,992
$1,250
$0.94
3 BR/2 BA
48
1,420
68,160
$1,213
$0.85
3 BR/2 BA
36
1,279
46,044
$1,198
$0.94
AVALON
3 BR/2 BA
72
1,236
88,992
$1,170
$0.95
BELLINGHAM PARK
3 BR/3 BA
42
1,378
57,876
$1,109
$0.81
COLONIAL GRAND @WILMINGTON
3 BR/3 BA
60
1,360
81,600
$999
$0.73
NEW PROVIDENCE PARK
3 BR/2 BA
72
1,125
81,000
$934
$0.83
POINT SOUTH
3 BR/3 BA
48
1,275
61,200
$845
$0.66
ABBOTTS RUN
482
1,303
627,814
$1,159
$0.89
Unit Type
Community
.THREE-BEDROOM RENTS – SORTED BY PER SQUARE FOOT MONTHLY RENT
Units
Unit SF
Total SF
Market Rent
Per SF
3 BR/3 BA
18
1,389
25,002
$1,699
$1.22
3 BR/2 BA
24
1,545
37,080
$1,854
$1.20
RESERVE @ MAYFAIRE
3 BR/2 BA
38
1,286
48,868
$1,411
$1.10
AMBERLEIGH SHORES
3 BR/2 BA
72
1,236
88,992
$1,170
$0.95
BELLINGHAM PARK
3 BR/2 BA
24
1,333
31,992
$1,250
$0.94
3 BR/2 BA
36
1,279
46,044
$1,198
$0.94
AVALON
3 BR/2 BA
48
1,420
68,160
$1,213
$0.85
3 BR/2 BA
72
1,125
81,000
$934
$0.83
POINT SOUTH
3 BR/3 BA
42
1,378
57,876
$1,109
$0.81
COLONIAL GRAND @WILMINGTON
3 BR/3 BA
60
1,360
81,600
$999
$0.73
NEW PROVIDENCE PARK
3 BR/3 BA
48
1,275
61,200
$845
$0.66
ABBOTTS RUN
482
1,303
627,814
$1,159
$0.89
Unit Type
Community
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WILMINGTON APARTMENT SALES
WILMINGTON apartment sales – 2014
Since the beginning of the year, a total of 10 apartment communities have been sold in the Wilmington market, as
shown in the tables below. Through November 13, 2014, the year-to-date transaction volume for these 10 sales is a
record $243.5 million which accounted for 2,679 units. The first table below is for an individual sale and the second and
third tables list the properties included in two recent multiple property sales.
GOVERNOUR’S SQUARE APARTMENTS
Community Name
Governour’s Square
Sale Date
Yr Built
# Units
Ave Unit SF
Ave Rent
Ave Rent/SF
Sale Price
Price/Unit
Price/SF
GRM*
11/13/14
1974
219
811
$849
$1.05
$14,673,000
$67,000
$83
6.6
* Gross rent multiplier.
BERKSHIRE PROPERTY ADVISORS – PORTFOLIO SALE
Community Name
Sale Date
Yr Built
# Units
Ave Unit SF
Ave Rent
Ave Rent/SF
Sale Price
Price/Unit
Price/SF
GRM*
Berkshire at Pecan Grove
11/10/14
1968
224
867
$653
$0.75
$13,713,500
$61,221
$71
7.8
Osprey Landing
11/10/14
1974
176
981
$845
$0.86
$12,700,000
$72,159
$74
7.1
Wimbledon Chase
11/10/14
1972
192
818
$743
$0.91
$11,738,000
$61,135
$75
6.9
592
889
$747
$0.84
$38,151,500
$64,445
$73
7.3
BELL PARTNERS/DRA ADVISORS – PORTFOLIO SALE
Community Name
Sale Date
Yr Built
# Units
Ave Unit SF
Ave Rent
Ave Rent/SF
Sale Price
Price/Unit
Price/SF
GRM*
Cape Harbor
10/10/14
1995
360
957
$882
$0.92
$41,196,494
$114,435
$120
10.8
Clear Run
10/10/14
1985
288
972
$907
$0.93
$28,734,701
$99,773
$103
9.2
Forest Hills
10/10/14
1968
278
1,025
$872
$0.85
$23,121,000
$83,169
$81
7.9
Mill Creek
10/10/14
1987
364
1,050
$890
$0.85
$39,266,165
$107,874
$103
10.1
Crosswinds
10/10/14
1988
380
892
$767
$0.86
$35,465,746
$93,331
$105
10.1
Creek at Forest Hills
10/10/14
1973
198
693
$718
$1.04
$14,696,154
$74,223
$107
8.6
1,868
932
$839
$0.91
$182,480,26
0
$97,688
$105
9.5
As shown in the table above, a total of six apartment communities in Wilmington were sold on October 10, 2014 as part
of a $1.8 billion portfolio sale which was comprised of 64 properties with 20,439 units across eight states. The deal
included 24 North Carolina properties located in Charlotte, Raleigh, Wilmington, New Bern and Goldsboro. The
portfolio was originally part of a joint venture purchase made by Bell Partners and DRA Advisors in 2008. The buyer,
Lone Star Funds, has retained Bell Partners to continue to manage the properties.
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GOVERNOUR’S SQUARE APARTMENTS
Sale Date
Yr Built
# Units
Ave Unit SF
Ave Rent
Ave Rent/SF
Sale Price
Price/Unit
Price/SF
GRM
11/13/14
1974
219
811
$849
$1.05
$14,673,000
$67,000
$83
6.6
Completed in 1974, Governour's Square is a 219-unit apartment
community located on South College Road in Wilmington. The
improvements were constructed in 1974 and renovated in 2014 and
include a combination of both townhomes and garden-style units.
BERKSHIRE AT PECAN GROVE
Sale Date
Yr Built
# Units
Ave Unit SF
Ave Rent
Ave Rent/SF
Sale Price
Price/Unit
Price/SF
GRM*
11/10/14
1968
224
867
$653
$0.75
$13,713,500
$61,221
$71
7.8
Completed in 1968, Berkshire at Pecan Grove is one of three apartment
communities in Wilmington which was recently sold as part of a
nationwide portfolio sale by Berkshire Property Advisors. The recorded
deed for this property indicates a sale price of $13,713,500 or $61,221
per unit.
OSPREY LANDING
Sale Date
Yr Built
# Units
Ave Unit SF
Ave Rent
Ave Rent/SF
Sale Price
Price/Unit
Price/SF
GRM*
11/10/14
1974
176
981
$845
$0.86
$12,700,000
$72,159
$74
7.1
Completed in 1974, Osprey Landing is one of three apartment
per unit.
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WIMBLEDON CHASE
Sale Date
Yr Built
# Units
Ave Unit SF
Ave Rent
Ave Rent/SF
Sale Price
Price/Unit
Price/SF
GRM*
11/10/14
1972
192
818
$743
$0.91
$11,738,000
$61,135
$75
6.9
Completed in 1972, Wimbledon Chase is one of three apartment
per unit.
CAPE HARBOR
Sale Date
Yr Built
# Units
Ave Unit SF
Ave Rent
Ave Rent/SF
Sale Price
Price/Unit
Price/SF
GRM
10/10/14
1995
360
957
$882
$0.92
$41,196,494
$114,435
$120
10.8
Completed in 1995, Cape Harbor is one of six apartment communities
in Wilmington which was recently sold as part of a $1.8 billion portfolio
sale. The portfolio was originally part of a joint venture purchase made
by Bell Partners and DRA Advisors in 2008. Although the recorded
deed for this property indicates a sale price of $41,040,000, the buyer’s
final allocated sale price was $41,196,494 or $114,435 per unit as shown
above.
CLEAR RUN
Sale Date
Yr Built
# Units
Ave Unit SF
Ave Rent
Ave Rent/SF
Sale Price
Price/Unit
Price/SF
GRM
10/10/14
1985
288
972
$907
$0.93
$28,734,701
$99,773
$103
9.2
Completed in 1985, Clear Run is one of six apartment communities in
Wilmington which was recently sold as part of a $1.8 billion portfolio
sale. The portfolio was originally part of a joint venture purchase made
by Bell Partners and DRA Advisors in 2008. Although the recorded
deed for this property indicates a sale price of $32,862,000, the buyer’s
final allocated sale price was $28,734,701 or $99,773 per unit as shown
above.
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FOREST HILLS
Sale Date
Yr Built
# Units
Ave Unit SF
Ave Rent
Ave Rent/SF
Sale Price
Price/Unit
Price/SF
GRM
10/10/14
1968
278
1,025
$872
$0.85
$23,121,000
$83,169
$81
7.9
Completed in 1968, Forest Hills is one of six apartment
$1.8 billion portfolio sale. The portfolio was originally part of a joint
venture purchase made by Bell Partners and DRA Advisors in 2008.
Although the recorded deed for this property indicates a sale price
of $22,770,000, the buyer’s final allocated sale price was $23,121,010
or $83,169 per unit as shown above.
MILL CREEK
Sale Date
Yr Built
# Units
Ave Unit SF
Ave Rent
Ave Rent/SF
Sale Price
Price/Unit
Price/SF
GRM
10/10/14
1987
364
1,050
$890
$0.85
$39,266,165
$107,874
$103
10.1
Completed in 1987, Mill Creek is one of six apartment communities
in Wilmington which was recently sold as part of a $1.8 billion
portfolio sale. The portfolio was originally part of a joint venture
purchase made by Bell Partners and DRA Advisors in 2008.
CROSSWINDS
Sale Date
Yr Built
# Units
Ave Unit SF
Ave Rent
Ave Rent/SF
Sale Price
Price/Unit
Price/SF
GRM
10/10/14
1988
380
892
$767
$0.86
$35,465,746
$93,331
$105
10.1
Completed in 1988, Crosswinds is one of six apartment
$1.8 billion portfolio sale. The portfolio was originally part of a joint
venture purchase made by Bell Partners and DRA Advisors in 2008.
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CREEK AT FOREST HILLS
Sale Date
Yr Built
# Units
Ave Unit SF
Ave Rent
Ave Rent/SF
Sale Price
Price/Unit
Price/SF
GRM
10/10/14
1973
198
693
$718
$1.04
$14,696,154
$74,223
$107
8.6
Completed in 1973, The Creek at Forest Hills is one of six
apartment communities in Wilmington which was recently sold as
part of a $1.8 billion portfolio sale. The portfolio was originally part
of a joint venture purchase made by Bell Partners and DRA
Advisors in 2008. Although the recorded deed for this property
indicates a sale price of $17,045,000, the buyer’s final allocated sale
price was $14,696,154 or $74,223 per unit as shown above.
APARTMENT SALES 2012-2013
The following table highlights four recent sales of by-the-bed student housing communities in Wilmington. These four
sales were the only apartment sales in the Wilmington market during 2012 and 2013. Camden Forest and Wilshire
Landing were sold together on December 6, 2013 for $29 million to a single buyer. Similarly, Campus Walk and
Brookstone Village (now called Campus Walk I and II) were sold together on October 18, 2012 for $26.55 million to a
single buyer. Multifamily Realty Advisors represented the sellers as their exclusive listing broker in these sales.
Community
Date
Built
Units
Beds
Rent/Bed
Rent/Unit
Unit SF
Rent/SF
Sale Price
Price/Unit
Price/Bed
Price/SF
GRM*
Camden Forest
12/06/13
2013
104
264
$645
$1,637
1,258
$1.30
$17,000,000
$163,462
$64,394
$130
8.3
Wilshire Landing
12/06/13
2011
96
240
$576
$1,440
1,100
$1.31
$12,000,000
$125,000
$50,000
$114
7.2
Campus Walk
10/18/12
1991
289
310
$604
$648
540
$1.20
$16,950,000
$58,651
$54,677
$109
7.5
Brookstone Village
10/18/12
1994
124
247
$522
$1,040
872
$1.19
$9,600,000
$77,419
$38,866
$89
6.2
CAMDEN FOREST
Community
Date
Built
Units
Beds
Rent/Bed
Rent/Unit
Unit
SF
Rent/SF
Sale Price
Price/Unit
Price/Bed
Price/SF
GRM
Camden Forest
12/06/13
2013
104
264
$645
$1,637
1,258
$1.30
$17,000,000
$163,462
$64,394
$130
8.3
Completed in 2013, Camden Forest consists of 7 three-story townhome
buildings and a single three-story interior corridor apartment building. There are
a total of 104 fully furnished units with 264 beds consisting of 56 threebedroom/three-bath townhome units with 168 beds and 48 two-bedroom/twobath apartment units with 96 beds. Community amenities include a clubhouse
and business center, state-of-the-art fitness center, game room with pool table,
resort swimming pool with sundeck, beach volleyball, picnic area with gas grills,
outdoor lounge area with fireplace, UNCW bus stop, and pet area with fenced
dog park. The property was 100% occupied at the time of sale.
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WILSHIRE LANDING
Community
Date
Built
Units
Beds
Rent/Bed
Rent/Unit
Unit
SF
Rent/SF
Sale Price
Price/Unit
Price/Bed
Price/SF
GRM
Wilshire Landing
12/06/13
2011
96
240
$576
$1,440
1,100
$1.31
$12,000,000
$125,000
$50,000
$114
7.2
Completed in 2011, Wilshire Landing consists of 3 three-story interior corridor
garden style apartment building with a total of 96 unfurnished units with 240
beds consisting of 48 three-bedroom/three-bath units with 144 beds and 48
two-bedroom/two-bath apartment units with 96 beds. Community amenities
include a clubhouse and business center, outdoor swimming pool with sundeck,
beach volleyball, picnic area with grills, UNCW bus stop, and pet walk area. The
property was 100% occupied at the time of sale.
CAMPUS WALK I
Community
Date
Built
Units
Beds
Rent/Bed
Rent/Unit
Unit
SF
Rent/SF
Sale Price
Price/Unit
Price/Bed
Price/SF
GRM
Campus Walk I
10/18/12
1991
289
310
$604
$648
540
$1.20
$16,950,000
$58,651
$54,677
$109
7.5
Completed in 1991, Campus Walk is comprised of 6 three-story buildings
containing a total of 289 apartment units with 310 beds. The property offers both
private and shared accommodations which are available either furnished or
unfurnished. Community amenities include a clubhouse, outdoor swimming pool,
deluxe fitness center, basketball court, sand volleyball court, and picnic area with
grills. At the time of sale, the property was 99% occupied with double occupancy
on 6.9% of the units.
CAMPUS WALK II (formerly “Brookstone Village”)
Community
Date
Built
Units
Beds
Rent/Bed
Rent/Unit
Unit
SF
Rent/SF
Sale Price
Price/Unit
Price/Bed
Price/SF
GRM
Campus Walk II
10/18/12
1994
124
247
$522
$1,040
872
$1.19
$9,600,000
$77,419
$38,866
$89
6.2
Completed in 1994, Brookstone Village is comprised of 12 buildings in a
combination of townhome and two-story garden-style configurations; there are a
total of 124 apartment units with 247 beds. The property offers both private and
shared unfurnished accommodations, each with a full size washer and dryer.
Community amenities include a clubhouse, outdoor swimming pool, tanning bed,
sand volleyball court, horseshoe pits, and picnic area with grills. At the time of sale,
the property was 98% occupied with double occupancy on 7.3% of the units.
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APARTMENT DEVELOPMENT
During the years 2009 through 2011, no new apartment communities were built in the Wilmington area. The first chart below shows all projects
completed in 2012 through 2014, including senior and student housing projects. As shown in the second chart, there are currently 11 apartment
communities at various stages of construction comprising a total of 1,632 units. We are also tracking 6 pending projects with 1,513 units that are in
the early stages of development. The demand for new apartments in Wilmington has proven to be exceptionally strong. The overall occupancy rate
has actually improved in the past year, according to Real Data Apartment Index, and is currently around 94.5% for the market as a whole.
WILMINGTON AREA APARTMENT PROJECTS COMPLETED IN 2012-2014
Project Name
Developer
Location
Submarket
Units
1
South Front
Biltmark Corporation
South Front Street, Downtown
Downtown
216
2
Headwaters at Autumn Hall
Cape Fear Dev. Partners
Eastwood Rd near Mayfaire Center
North
286
3
Camden Forest (Student)
MFH Construction, LLC
Lullwater Drive at Greenway Avenue
North
104
4
Carolina Cove (Student)
University Housing Group
Randall Parkway and Kerr Ave
North
228
5
Westgate Senior
Connelly Development, LLC
Westgate Drive in Leland near WalMart
Brunswick
72
6
New Providence Park (Addition)
Biltmark Corporation
North College R0ad (132) at I-140
North
48
7
Park at Three Oaks (Addition)
Sweyer & Associates
Amaryllis Drive off Market Street
North
45
8
Amberleigh Shores
Flournoy Development Co
N. Market Street and Marsh Oaks Drive
North
282
9
Lighthouse (Student)
The John Buck Company
4922 Pepys Lane off Randall Parkway
North
124
10
Elevation (Student)
Hemisphere Construction
Bonham Ave off Wilshire Blvd
North
42
11
Progress 910 (Student)
Progress Builders, LLC
Marlboro Street at Emerson Street
North
168
12
Hawthorne at the Station
Mega Builders, LLC
Old McCumber Station Rd
North
192
13
Oak Court Apartments
Ritz Development
Kerr Ave and Emerson Street
North
30
1,837
WILMINGTON AREA APARTMENT PROJECTS UNDER CONSTRUCTION
Project Name
Developer
Location
Submarket
Units
1
City Block Apartments
South Eastern Real Estate
North Third St Downtown Wilmington
North
112
2
Cambridge Village (Senior)
Oliver Development
Eastwood Rd near Mayfaire Center
North
250
3
Carolina Bay (Senior)
Liberty Senior Living
Eastwood Road at Autumn Hall
North
222
4
Solstice Lofts (Student)
Solstice Partners, LLC
Randall Parkway and Kerr
North
54
5
Ellington Farms Apartments
6469 Gordon Road, Wilmington
North
96
6
Stephens Pointe
US 17 (Market Street) near I-140 Bypass
North
192
7
The Sidbury/Grand View
Bailey & Associates Inc
Wrightsville Avenue at Canal Street
North
110
8
Midtown Apartments Homes
Midtown One, LLC
Moynet Way at Independence Blvd
South
223
9
Meridian at Fairfield Park
NorthView Partners
Carolina Beach Road near Echo Farms
South
241
10
Lockwood Village (Tax Credit)
SNW, LLP
4900 South College Road
South
60
11
Abbington Oaks (Tax Credit)
KRP Investments
Southport Supply Road, Southport
Brunswick
72
1,632
WILMINGTON AREA APARTMENT PROJECTS PROPOSED
Project Name
Developer
Location
Submarket
Units
278
1
Sawmill Point Apartments
Symphony Properties, LLC
Riverfront at Sawmill Point Marina
Downtown
2
Pier 33 Apartments
DeWitt Carolinas, Inc.
Riverfront overlooking new Port City Marina
Downtown
301
3
Smith Creek Village
David Swain and Associates
Gordon Road at I-40
North
328
4
Belle Meade Apartments
Carolina Beach Road near Echo Farms
South
228
5
Gallery Park Apartments
Kassinger Development Group
Independence Blvd and 17th Street
South
258
6
Beau Rivage Apartments
(To be determined)
Carolina Beach Road at Beau Rivage
South
120
1,513
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APARTMENT DEVELOPMENT
WILMINGTON PIPELINE MAP
STEPHENS POINTE (192 Units)
SMITH CREEK VILLAGE (328 Units)
ELLINGTON FARMS (96 Units)
SAWMILL POINT (278 Units)
PIER 33 (301 Units)
CITY BLOCK (112 Units)
 CAROLINA BAY SENIOR (222 Units)
SOLSTICE LOFTS (54 Units) 
 CAMBRIDGE SENIOR (250 Units)
UNCW
THE SIDBURY (102 Units) 
MIDTOWN APARTMENT HOMES (223 Units) 
GALLERY PARK APARTMENTS (258 Units)
MERIDIAN@FAIRFIELD PARK (241 Units)
BELLE MEADE (228 Units) 
 LOCKWOOD VILLAGE (60 Units)
BEAU RIVAGE (120 Units) 
PROJECTS UNDER CONSTRUCTION
PROPOSED PROJECTS
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WILMINGTON AREA OVERVIEW
WILMINGTON, NORTH CAROLINA
Wilmington is a 250-year-old port city, nestled between
North Carolina's mighty Cape Fear River and the Atlantic
Ocean. The city's riverbanks boast a major container
seaport, a charming historical district, a one-mile-long
Riverwalk, the Battleship North Carolina, Gothic churches,
and riverfront shops. Although Wilmington is the largest
city in southeastern North Carolina, it continues to retain a
small town atmosphere. Downtown Wilmington is a lively
streetscape of restaurants, outdoor cafes, coffee shops,
banks, and retail stores--- all framed against the backdrop
of the Cape Fear River.
In 2008, the National Trust for Historic Preservation named Wilmington one of its “Dozen Distinctive Destinations”.
Wilmington is a city where the past is honored through the painstaking preservation of its downtown historic district
which encompasses nearly 300 blocks. It is among North Carolina's largest collection of historic buildings and homes.
But Wilmington is also a city where old abandoned warehouses on downtown's northern end have been demolished in
recent years, making room for numerous modern projects such as the new Wilmington state-of-the-art convention
center and a new marina complex.
Wilmington's greatest resource is its location between the Cape Fear River and the Atlantic Ocean. The entire area has
an enduring relationship with the water that is interwoven throughout its history. Just as colonists relied on the water
for transportation of goods to build the region, so does present day Wilmington rely on it to attract visitors and
businesses, and to import and export materials from and to the world through the Port of Wilmington.
In 2003 the city was designated by Congress as a "Coast Guard City", one of only fourteen cities in the country with
that designation. It is home port for the USCGC Diligence, a United States Coast Guard medium endurance cutter.
Diligence moors up in downtown Wilmington and is the 6th US Coast Guard Cutter to bear that name and be
homeported in Wilmington. Diligence is capable of performing any of the missions that white-hulled Coast Guard
Cutters traditionally perform; ranging from missions down in the Caribbean, or fisheries protection of the Atlantic
seaboard, or search and rescue anywhere in between.
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USS North Carolina
Wilmington is also home to the World War II battleship USS North Carolina, located directly across the Cape Fear
River from the historic downtown area. The USS North Carolina was decommissioned in New York on June 27, 1947
and was later removed from the Naval Vessel Register on June 1, 1960 and transferred to the state of North Carolina.
The ship was then purchased from the U.S. Navy for $330,000 raised by the efforts of North Carolina school children
who saved their spare change and lunch money for the "Save Our Ship" campaign. In 1961, a fleet of tugboats was used
to maneuver the 728 foot ship up the Cape Fear River to its present location.
On April 29, 1962, the USS North Carolina was dedicated
at Wilmington, North Carolina as a memorial to North
Carolinians of all services killed in World War II. The
battleship was declared a National Historic Landmark in
1986. Visitors to the USS North Carolina Battleship
Memorial can tour the main deck of the ship, many
interior compartments, and some of the gun turrets.
Various events are held at the memorial including the
annual Fourth of July fireworks display from the adjacent
battleship park.
Population
Wilmington is the county seat of New Hanover County in coastal southeastern North Carolina. The population within
the city is 106,476 according to the 2010 Census. It is the eighth most populous city in the state. Wilmington is the
principal city of the Wilmington Metropolitan Statistical Area (“MSA”), a metropolitan area that includes New
Hanover, Brunswick, and Pender counties which had a population of 362,315 as of the 2010 Census.
The region has historically been one of the fastest growing population centers in the country. The population growth
rate continues to surpass the national and state rates as more and more people of all ages and backgrounds are drawn
to the mild climate, beautiful shoreline, historic attractions, and hometown feel of the Cape Fear Coast. Moreover, the
region’s high quality of life, low cost of living, abundant education options, world-class healthcare, and inviting
business atmosphere adds to the area’s appeal.
New Hanover County which includes the city of
Wilmington is among the fastest growing counties in the
United States. The county’s population grew from
120,284 to 160,307 or 33.3% between 1990 and 2000
and from 160,307 to 202,667 or 26.4% between 2000
and 2010. New Hanover County’s ten-year population
growth rate of 26.4% is much higher than the state
average rate of 18.5% and almost three times greater
than the national average rate of 9.7%.
Brunswick County is also among the fastest growing
counties in the United States and is the second fastest
growing county in North Carolina. The county’s population grew from 50,985 to 73,141 or 43.5% between 1990 and
2000 and from 73,141 to 107,431 or 46.9% between 2000 and 2010. Brunswick County’s ten-year population growth
rate of 46.9% is more than double the state average rate of 18.5% and is almost five times greater than the national
average rate of 9.7%.
The Wilmington MSA, encompassing New Hanover, Brunswick, and Pender counties, had an estimated population of
362,315 in 2010 compared to 274,530 in 2000, an impressive increase of 32%, almost double the state growth rate and
more than three times greater than the national growth rate.
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Population Growth History for Wilmington Metropolitan Statistical Area
2012 Estimate
Change
2011 Estimate
Change
2010 Census
Change
2000 Census
Change
1990 Census
New Hanover County
209,234
1.6%
205,951
1.6%
202,667
26.4%
160,307
33.3%
120,284
Brunswick County
112,257
1.8%
110,268
2.6%
107,431
46.9%
73,141
43.5%
50,985
54,195
1.3%
53,480
2.4%
52,217
27.1%
41,082
42.4%
28,855
375,686
1.6%
369,699
2.0%
362,315
32.0%
274,530
37.2%
200,124
9,752,073
1.0%
9,656,401
1.3%
9,535,483
18.5%
8,049,331
21.4%
6,628,637
313,914,010
0.7%
311,591,917
0.9%
308,745,538
9.7%
281,421,942
13.2%
248,709,873
Pender County
Metropolitan Statistical
North Carolina
United States
Source: U.S. Census Bureau.
The Port of Wilmington
The North Carolina State Ports Authority was created in
1945 to promote the development of North Carolina
industry by establishing two deep-water ports, thus
breaking the state's dependence on ports in Virginia and
South Carolina. The terminals, one in Morehead City and
one in Wilmington, were equipped to handle ocean-going
vessels and opened in 1952. Today they are the backbone
of the North Carolina shipping industry and have made a
major contribution to the state's economy.
Port of Wilmington 10 year Tonnage Trend
Year
Breakbulk
Container
Bulk
Totals
TEU’s
2012
271,878
2,153,552
1,958,672
4,384,102
276,567
2011
317,877
2,154,539
1,052,057
3,524,473
290,666
2010
207,335
1,917,237
1,304,755
3,429,237
250,048
2009
413,446
1,338,436
1,322,963
3,074,844
194,608
2008
701,993
1,404,401
1,361,815
3,468,209
204,896
2007
897,776
1,174,335
1,368,550
3,440,661
173,111
2006
1,235,331
955,370
1,270,589
3,461,290
166,625
2005
1,271,417
781,046
951,601
3,004,064
133,723
2004
1,054,214
624,170
648,381
2,326,765
96,077
2003
976,082
613,923
630,799
2,220,804
99,677
Source: Port of Wilmington 2012 Statistics
The Port of Wilmington has experienced rapid growth in recent years. In fiscal year 2012 the Port of Wilmington
received more than 460 ships loaded with diverse cargoes from Europe, South America, and the Far East. Cargo
tonnage through the port was approximately 4.4 million tons in 2012 compared to 3.5 million tons in 2011 and 2.2
million tons in 2003. The number of container TEUs (Twenty-foot Equivalent Units) exceeded 276,000 in 2012
compared to 99,000 in 2003.
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Warehousing at the port includes almost one million square feet of prime covered and sprinklered storage with 100plus acres of paved storage area and 25 acres of semi-improved open storage area. The port has rail access to berths,
transit sheds, warehouses and open storage and direct transfer of heavy lift and dimensional loads between vessel and
rail or truck. The entire Wilmington Terminal is approved as Foreign Trade Zone 66.
Countries that do significant business through the Port of Wilmington include China, Great Britain, Belgium, South
Korea, Turkey, Taiwan, and Canada. Top imports for fiscal year 2012 were chemicals, grains, urea, ore, mica, and
machinery parts. Primary exports were forest products, wood pulp, wood chips, general merchandise, and food
products.
Top Ten Trading Partners Fiscal Year 2012
Import
Tons
Export
Tons
Total Trade
Tons
China
349,445
China
599,891
China
949,336
Great Britain
348,361
Turkey
320,063
Great Britain
463,390
Tobago-Trinadad
203,693
So. Korea
199,414
Belgium
353,874
Canada
164,772
Belgium
192,357
So. Korea
341,252
Belgium
161,517
Great Britain
115,029
Turkey
320,063
So. Korea
141,838
Taiwan
94,605
Tobago-Trinadad
203,693
Russia
126,082
Italy
88,139
Taiwan
169,399
Colombia
96,159
Honduras
84,471
Canada
164,772
Taiwan
74,794
Netherlands
64,042
Russia
126,927
Chile
36,137
Guatemala
19,464
Honduras
119,187
Source: Port of Wilmington 2012 Statistics
In an effort to expand ever further, The Ports Authority is currently working closely with the N.C. Department of
Commerce on an aggressive program to site additional major distribution centers in the immediate vicinity of the Port.
Excellent sites are available for distribution center placement, as well as a labor pool well suited to fill materials
handling positions. In addition, the North Carolina community college system has developed a course of study
specifically for retail distribution center training. Current and planned improvements in the regional transportation
network provide a new platform for distribution when combined with upgraded capabilities at the Port of Wilmington
to handle large quantities of imported goods.
Wilmington Economy
The Wilmington area’s economy is driven by a major seaport (Port of Wilmington), a major university (UNCWilmington), world-class healthcare (New Hanover Regional Medical), a thriving film industry (EUE/Screen Gems
Studios), and a major tourism industry. In addition, Wilmington has an industrial base that includes electrical,
electronic and telecommunications equipment, pharmaceuticals, nuclear fuel, clothing and apparel, food processing,
and paper products--- all of which creates a stable economic base. The synergy between the area’s high-tech
companies and UNC-Wilmington/Cape Fear College is helping to establish Wilmington as a hub for research and
development.
Wilmington’s inviting business climate has attracted giants like G.E., DuPont, and Corning, as well as major high-tech
firms such as AAIPharma and Pharmaceutical Product Development (PPD). Furthermore, the State of North Carolina
ranks as one of the most business-friendly in the country. The combination of these factors makes the area highly
desirable for corporate expansion and for people looking for a better quality of life.
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First Quarter 2013 Cost of Living – Select Southern Cities
City
Composite
Grocery
Housing
Utilities
Transportation Healthcare
Misc
Wilmington, NC
98.8
106.9
80.1
102.8
100.6
97.8
109.2
Raleigh, NC
92.2
103.5
69.3
105.3
97.6
101.5
99.2
Charlotte, NC
94.7
98.2
82.9
102.0
98.8
100.6
98.5
Asheville, NC
103.6
106.3
78.2
85.2
99.2
101.8
105.3
Charleston, SC
99.5
107.4
84.6
114.1
99.0
105.2
97.1
Washington, D.C.
141.7
111.3
246.6
111.6
104.1
103.3
96.2
Norfolk, VA
99.2
93.7
96.2
112.3
96.2
98.5
101.2
Source: ACCRA Cost of Living Index
The ACCRA Cost of Living Index measures the differences in the cost of consumer goods and services between cities,
excluding taxes, for a middle-class standard of living. Approximately 300 urban areas in the United States
participated in the most recent study. The results are based on the cost of more than 60 items that are priced by
area chambers of commerce, economic development groups or similar organizations in each urban area during the
same 3-day time frame. Each community is given a composite index in which the average score is 100 (if index
numbers are above 100, they are more expensive than the average), derived from six categories. The index does not
measure inflation. Instead, it serves as a snapshot of comparative costs between cities during a certain time period.
Wilmington’s latest study scores, compared to other southern cities, are shown in the table above.
Employment
Job growth is an important economic indicator of the health of a regional economy and is also a factor in the
demand for all types of housing. As indicated in the chart below, the Wilmington MSA experienced robust job
growth from 2001 through 2006, adding a total of 33,192 new jobs during that period--- from total MSA
employment of 134,352 jobs in 2001 to 167,544 in 2006. During that same period, the total MSA labor force
increased by 29,931 from 144,467 in 2001 to 174,398 in 2006. The MSA unemployment rate was 3.9% at the end of
2006.
In the recession years 2007 through 2009, the MSA lost 9,287 jobs but the total labor force declined by only 3,015,
thus resulting in an unemployment rate of 10.8% by the end of 2009. During the weak recovery years 2010 through
2012, all but 1,771 jobs had been recovered; however, the unemployment for the MSA nonetheless remained above
10% due to the fact that the total labor force continued to increase. In other words, unlike the national trend where
the unemployment rate declined primarily because of a declining participation rate (shrinking labor force), the
unemployment rate for the Wilmington MSA remained high for the opposite reason; namely, a growing labor force.
As indicated above, all but 1,771 jobs that were lost during the recession were recovered in the years 2010-2012 but
the total labor force actually increased by 9,769 during that same period.
According to the North Carolina Employment Commission (now called “Division of Employment Security”), the
Wilmington MSA which includes New Hanover, Brunswick, and Pender counties, added 2,507 new jobs during 2013.
The unemployment rate declined from 10.0% at the end of 2012 to 7.9% at the end of 2013.
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Employment History For Wilmington Metropolitan Statistical Area
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
147,949
151,169
156,982
165,592
174,398
173,333
177,779
177,413
178,824
178,117
184,167
180,975
Increase (Decrease)
3,482
3,220
5,813
8,610
8,806
(1,065)
4,446
(366)
1,411
(707)
6,050
(3,192)
Percent Change
2.4%
2.2%
3.8%
5.5%
5.3%
-0.6%
2.6%
-0.2%
0.8%
-0.4%
3.4%
-1.7%
138,169
143,331
149,724
159,079
167,544
165,278
163,649
158,257
159,770
159,493
165,773
168,280
Increase (Decrease)
3,817
5,162
6,393
9,355
8,465
(2,266)
(1,629)
(5,392)
1,513
(277)
6,280
2,507
Percent Change
2.8%
3.7%
4.5%
6.2%
5.3%
-1.4%
-1.0%
-3.3%
1.0%
-0.2%
3.9%
1.5%
Unemployed
9,780
7,838
7,258
6,513
6,854
8,055
14,130
19,156
19,054
18,624
18,394
12,695
Unemployment Rate
6.6%
5.2%
4.6%
3.9%
3.9%
4.6%
7.9%
10.8%
10.7%
10.5%
10.0%
7.0%
Labor Force
Employed
Source: Employment Security Commission of North Carolina.
The table below shows that year-to-date through May 2014, the Wilmington MSA has added 8,468 jobs, from
168,280 in December 2013 to 176,748 in May 2014. The overall unemployment rate for the Wilmington MSA
declined from 7.0% in December 2013 to 6.6% in May 2014.
Civilian Labor Force Estimates for Wilmington Metropolitan Statistical Area
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
Labor Force
187,938
189,053
187,306
185,931
183,051
184,186
180,975
183,314
182,517
184,176
185,505
189,144
Employed
171,605
173,171
172,599
172,245
169,554
170,924
168,280
169,299
169,488
171,725
174,205
176,748
16,333
15,882
14,707
13,686
13,497
13,262
12,695
14,015
13,029
12,451
11,300
12,396
8.7%
8.4%
7.9%
7.4%
7.4%
7.2%
7.0%
7.6%
7.1%
6.8%
6.1%
6.6%
2013-2014
Unemployed
Rate
Source: Employment Security Commission of North Carolina.
The largest industrial companies in the area include
Corning Glass Works (the Wilmington location is the
largest manufacturer of optical fibers in the world);
General Electric (aircraft engine parts, nuclear fuel
components); Progress Energy; International Paper;
KoSa (chemicals); PPD (pharmaceutical research);
Louisiana Pacific (wood products); Terex American
Crane;
VisionAir
(software);
Verizon;
Oracle
Packaging; Del Laboratories; L.L. Building Products;
AAIPharma (pharmaceutical products); and Interroll
(conveyor components).
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LARGEST AREA EMPLOYERS
Company (Product/Service)
Employees
1. New Hanover Regional Medical Center
4,738
2. New Hanover County Schools
3,666
3. Wal-Mart Stores
2,592
4. GE Wilmington (GE Hitachi and GE Aviation)
2,100
5. University of North Carolina-Wilmington
1,898
6. Brunswick County Schools
1,723
7. PPD, Inc. (Pharmaceutical & Biotech)
1,500
8. New Hanover County
1,480
9. Verizon Wireless
1,346
10. Progress Energy - Southport & Wilmington
1,070
11. Corning, Inc. (Optical Fiber)
1,000
12. City of Wilmington (Government)
981
13. Novant Medical/Brunswick Community Hospital
597
14. Cape Fear Community College (Education)
541
Also important to Wilmington's economy is tourism due to its close proximity to the ocean and the Cape Fear River.
Film production has become an important element in the city's economy as well. Wilmington has grown into the third
most active film location, behind only Los Angeles and New York. EUE/Screen Gems Studios in Wilmington is the
largest production facility in the United States outside of California.
New Hanover Regional Medical Center
The largest employer with more than 4,700 employees in the region, New Hanover Regional Medical Center is a notfor-profit health care system serving southeastern North Carolina and northeastern South Carolina. A teaching
hospital, regional referral center, and Level 2 Trauma Center, New Hanover Regional Medical Center is joined in the
network by Cape Fear Hospital, Pender Memorial Hospital, Zimmer Cancer Center and the Betty H. Cameron
Women's and Children's Hospital. The system also includes outpatient imaging and diagnostic centers, NHRMC
Physician Group, NHRMC Urgent Care and NHRMC Home Care. Dedicated to patient care and community outreach,
the Network provides more than $120 million in uncompensated care to the community each year.
General Electric
Wilmington is fortunate to have a Fortune 500 company such as General Electric as one of its major employers.
Housing components of both the nuclear energy business and aircraft engine business, the Castle Hayne facility
employs more than 2000 people. In addition to providing stable, high-paying employment and benefits, the company
has been a generous charitable partner in the community since locating here in 1968.
PPD
PPD is a leading global contract research organization providing drug discovery, development and lifecycle
management services. Their clients and partners include pharmaceutical, biotechnology, medical device, academic and
government organizations. Founded in Wilmington, the company has offices in 46 countries with more than 12,000
professionals worldwide. Their international headquarters is in downtown Wilmington. PPD applies innovative
technologies, therapeutic expertise and a commitment to quality to help clients and partners accelerate the delivery of
safe and effective therapeutics and maximize the returns on their R&D investments.
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The Film Industry
The unique characteristics of the Wilmington area
helped draw the film industry to the city in 1983. Since
that time, Wilmington has grown into the third most
active film location, behind only Los Angeles and New
York. Wilmington is the home of EUE Screen Gems
Studios, the largest domestic television and movie
production facility outside of California. In 2009,
“Dream Stage 10”, currently one of the largest sound
stages in the world, was added to the Wilmington
facility. It houses the largest special-effects water tank in
North America.
EUE/Screen Gems Studios in Wilmington has been home to over 350 film, television, and commercial productions
including TV series like Matlock, Dawson’s Creek, One Tree Hill, Surface, Revolution, and more recently Steven King’s
“Under the Dome”. Major motion pictures include Blue Velvet, Domestic Disturbance, Firestarter, Crimes of the Heart,
Nights in Rodanthe, and Safe Haven, to name just a few. In 2012, Marvel Studios chose to use EUE/Screen Gems
Studios in Wilmington for the filming of “Iron Man 3” starring Robert Downey Jr., Gwyneth Paltrow, and Scarlett
Johansson. This major motion picture, released in 2013, was the largest film production to shoot in North Carolina.
The Wilmington Regional Film Commission, located on the EUE/Screen Gems Studios lot, facilitates on-location
filmmaking in the Cape Fear region. Filmmakers have access to a broad base of local talent and professional film crews
along with the facilities at Screen Gems Studios. EUE/Screen Gems Studios offers many amenities to film and
television production companies. The studio's lot features 10 stages, post-production services, more than 20,000
square feet of production office space, a 40-seat screening room, editing suites, sound transfer services, lighting and
grip equipment rental, set construction shops and much more. In addition to the studios, production companies
discover a wealth of experienced film crew professionals, estimated at 650 in the greater Wilmington region.
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Wilmington Riverwalk
Tourism
Tourism remains one of the most important industries
in North Carolina and this is especially true in the
southern coastal region. With an appealing variety of
attractions— beaches and waterways, breathtaking
gardens, a rich arts environment, well-established
cultural events, beautiful historic homes and landmarks,
and moderate year-round temperatures, the Wilmington
area is a highly desirable destination for visitors from all
over the country.
Visitors traveling to and within the state of North
Carolina spent a record $19.4 billion in 2012, supporting
more than 40,000 North Carolina businesses and
directly supporting nearly 200,000 jobs all across the state. State and local tax revenues generated as a result of visitor
spending totals more than $1.5 billion annually. North Carolina ranks as the 6th most visited state in the United States.
The state’s natural scenic beauty, rich history and culture, vibrant cities, quaint small towns, and central east coast
location make it an ideal travel destination. And, the abundance of direct air access into the state from national and
international destinations around the globe have helped to position it as preferred international travel destination.
With more than 50 championship golf courses and a long
mid-March through mid-November playing season, golf is
another major draw to the region. Restaurants number in
the hundreds and continue to proliferate at an astounding
rate, with the best of them enjoying capacity dining on
weekends. Special attractions and activities such as horseand-carriage rides in the historic district, boat tours,
sailing charters, a downtown Wilmington walking tour,
the free trolley, Riverwalk and educational tours in the
historic district continue to respond to high demand.
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According to the Visitors Bureau, summer is no longer the sole tourism season. Wilmington and the surrounding
communities have moved from a three-month to a nearly year-round tourism season, with the majority of visitors
arriving from March through November. Accommodations are plentiful in the Greater Wilmington area and coastal
Brunswick County. Historic downtown Wilmington and picturesque Southport offer a bounty of charming bed and
breakfast inns. Still, it is often difficult to find lodgings on short notice during the summer, and advance reservations
for these months are highly recommended.
University of North Carolina at Wilmington
The University of North Carolina at Wilmington
(UNCW), sometimes referred to as UNC Wilmington, is
a public, co-educational university located in
Wilmington,
North
Carolina.
UNCW
enrolls
approximately 14,000 undergraduate, graduate and
doctoral students each year as part of the 17-campus
University of North Carolina System.
UNC Wilmington opened its doors on September 4, 1947
as Wilmington College. At the time the school operated
as a junior college, offering freshman-level courses to
nearly 250 students during the first school year, many of
whom were veterans returning from military service
following World War II. Under the control of the New
Hanover County Board of Education, Wilmington
College earned accreditation from the North Carolina
College Conference in 1948 and became a member of the
American Association of Junior Colleges. Further
accreditation came in 1952 from the Southern
Association of Colleges and Schools.
In 1958, Wilmington College was placed under the
Community College Act of North Carolina, passing
control from the New Hanover County Board of Education to a board of trustees as a state-supported college under the
supervision of the North Carolina Board of Higher Education. Wilmington College became a senior college on July 1,
1963, when the North Carolina General Assembly passed legislation allowing the school to offer a four-year curriculum
and award bachelor's degrees. Six years later, July 1, 1969, the name of the school was changed to The University of
North Carolina at Wilmington, making UNCW the fifth campus of the University of North Carolina system.
On August 22, 1977, UNCW was authorized to offer its first graduate programs at the master's level. Currently, UNCW
has around 14,000 students enrolled and nearly 500 full-time faculty members. The school offers fifty-two bachelor's
degrees, thirty-six master's degrees and doctoral degrees in marine biology and educational leadership and
administration.
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2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
9,792
9,803
9,974
10,514
10,723
10,955
11,026
11,311
11,591
11,743
11,903
12,348
12,428
Graduate
807
926
955
1,060
1,116
1,143
1,154
1,332
1,333
1,328
1,242
1,385
1,509
TOTAL
10,599
10,729
10,929
11,574
11,839
12,098
12,180
12,643
12,924
13,071
13,145
13,733
13,937
One Year Change
1.23%
1.86%
5.90%
2.29%
2.19%
0.68%
3.80%
2.22%
1.14%
0.57%
4.47%
1.49%
Cumulative Change
1.23%
3.11%
9.20%
11.70%
14.14%
14.92%
19.28%
21.94%
23.32%
24.02%
29.57%
31.49%
Undergraduate
Campus Life
The university offers degrees in humanities, sciences, health, business and professional fields. The university’s highly
ranked marine science program draws a variety of undergraduate and graduate students from across the United States.
The proximity to the Atlantic Ocean is a draw for incoming freshman.
Teal is the official school color of UNCW, with navy and gold as alternate colors.
The school color has become a point of pride for students, which is widely illustrated with spirit shirts bearing slogans
such as “Feel My Teal” and exclusive teal-colored Rainbow Sandals being offered through the university bookstore.
The average SAT score for incoming freshman in 2010 was 1170, with an average GPA of 3.79. The freshman class in
2010 was 1,992.
Student Facilities
In 2000, the Student Recreation Center was
opened to students, staff, and faculty members. It
houses three basketball courts, exercise machines, a
weight training area, an indoor running track, and an
indoor climbing wall. It also includes a group exercise
room which supports multiple clubs and activities,
including Yoga, Pilates, and an Aikido club. By 2012,
the Student Recreation Center will complete an
expansion of facilities, as well as construction on a new
natatorium. This construction will double the size of
the existing Recreation Center.
Lumina Theater, named after the boardwalk theater
that was once found on Wrightsville Beach features 360 stadium seats, a 15.5' x 30' screen, Dolby Digital surround
sound, 35mm capabilities and a digital projection system. Lumina screens blockbusters, independents, cult classics, art
films, international films and student films throughout the academic year, four or more days a week, except during
University holidays and breaks. Some notable Lumina events included a multi-part, high-definition screening of BBC's
Planet Earth series over the span of several weekends, and a yearly 24-hour lock-in.
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Academics. The university is organized into five colleges:

College of Arts and Sciences

Cameron School of Business

College of Health and Human Services

Watson School of Education

Graduate School
The university has 52 undergraduate degree programs, 36 masters degree programs and two doctoral programs.
Randall Library
William Madison Randall Library supports the mission of the UNCW through the provision of information resources,
services and programs relevant to the needs of its students, faculty and staff. To accomplish this mission, the library
provides diverse collections of informational resources in multiple formats, access to informational resources and
assistance and instruction in identifying, evaluating and interpreting information. Randall Library has two floors. The
first floor features computer banks, group work areas, the Technology Assistance Center, and a coffee shop for
students. The floor has a very social atmosphere, and is commonly used to complete group assignments. The second
floor has a strictly enforced quiet policy.
National Undersea Research Center
National Oceanic and Atmospheric Administration (NOAA) founded the National Undersea Research Program's
National Undersea Research Center (NURC) for the Southeastern United States and Gulf of Mexico at UNCW in 1980.
NOAA's Aquarius laboratory is an underwater habitat located in the Florida Keys National Marine Sanctuary, adjacent
to Conch Reef and is operated by UNCW/ NURC.
Center for Marine Science
UNCW's Center for Marine Science (CMS), ranked fifth in the world, is at the forefront of applied research in the fields
of oceanography, coastal and wetland studies, marine biomedical and environmental physiology, and marine
biotechnology and aquaculture. Over $50 million in facilities have been built using Endowment, University, State, and
Federal sources. In 2000, a new $17.5 million facility located in the Myrtle Grove area of Wilmington was completed.
This facility is directly accessible from the Intracoastal Waterway, has docking facilities, and currently offers more than
110,000 square feet of net indoor space with the recent completion of the 11,000 square foot Oyster Hatchery. Another
addition, the 69,000 square foot Marine Biotechnology Building, is slated for completion in 2013. Research funding
has grown from approximately $9 million in 2001 to more than $38 million in 2010.
Athletics
The UNCW athletic teams are known as the Seahawks.
They are NCAA's Division I members and field 19 varsity
athletic teams for men and women. UNCW has the highest
student-athlete graduation rate for public universities in
the state of North Carolina.UNCW is a member of the
Colonial Athletic Association. Other members of the
conference include University of Delaware, Drexel, George
Mason, Georgia State, Hofstra, James Madison,
Northeastern, Old Dominion, Towson, VCU and William &
Mary.
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Baseball
UNCW won the CAA’s automatic bid to play in the NCAA Regionals in 2004 and 2006. In addition, the program
received at-large bids to the NCAA Tournament in 2003 and 2008. UNCW set a CAA record with four consecutive 40win seasons from 2003–06 and set a school record with 44 victories in 2008, including a 21-game winning streak. The
rich heritage of UNCW baseball began when the Seahawks captured the NCJAA 1961 and 1963 National
Championships. The Seahawks have sent over 82 players to play professionally. UNCW has hosted the CAA baseball
tournament at Brooks Field eight consecutive years and 10 times overall.
Men's Basketball
UNCW basketball has been popular on campus since the
program moved to Division I in 1976-77. The Seahawks
finished their inaugural season with a 16-10 record, a rare
accomplishment for any program in their first year of D-I
competition. Success continued in the second season
when a sellout crowd attended the opening game in Trask
Coliseum and witnessed a near upset of nationally-ranked
Wake Forest 83-79. The Seahawks finished the 1977-78
season with a 19-7 record.
In 1984, the Seahawks joined the ECAC-South Conference
(also known as the Colonial Athletic Association). In their
first conference home game at Trask Coliseum the
Seahawks defeated George Mason. The first appearance in a CAA championship game came in 1987, just their third
season of league play that saw them finish the regular season in 2nd place. UNCW would appear in three more CAA
title games (1989, 1996, 1998) before capturing their first championship in 2000 with a 57-47 win over Richmond.
UNCW won the title again in 2006 by beating Hofstra, 78-67.
The Seahawks’ first votes in any Top 25 poll came early in the 1992-93 season. Other notable wins that captured the
attention of pollsters included roads wins at Miami (FL) and NC State (96-84). The first appearance in post-season
play came in 1998 when they were selected for the NIT. They played again in the NIT in 2001.
UNCW has made four appearances in the NCAA Tournament. Their first trip came in 2000, where they lost to the #2
seed Cincinnati, 64-47. In their second appearance in 2002, the 13th seeded Seahawks shocked the 4th seeded Trojans
of USC with a 93-89 overtime win. They were defeated by Indiana in the second round, 76-66. In 2003 the Seahawks
faced off against Maryland. Maryland won the game, 75-73. In 2006 the Seahawks earned a ninth seed and met #8
seed George Washington. Despite an excellent first half, the Seahawks saw an 18-point lead evaporate in the second
half before losing in overtime, 88-85.
Women's Basketball
The UNCW women’s basketball program completed its
37th season of competition in 2010-11, including the last
25 as a member of the NCAA Division I ranks. The
Seahawks began as a member of the Association for
Intercollegiate Athletics for Women (AIAW) in 1973-74
and spent 10 years as a member of the AIAW until the
association’s disbandment following the 1982-83 season.
UNCW then joined the National Association of
Intercollegiate Athletics (NAIA) for one season before
joining the NCAA Division I ranks as a member of the
ECAC-South Conference in 1984 (the league changed its
name to the Colonial Athletic Association in 1985).
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As a member of the CAA, the Seahawks have made two appearances in the CAA championship game, falling both times
to Old Dominion (92-49 in 2000 & 76-48 in 2002). UNCW’s best regular-season finish came in 2010-11, when the
Seahawks finished in a tie for second place with ODU, one game behind regular season champion James Madison.
The Seahawks are coached by Cynthia Cooper-Dyke, who was named the ninth coach in program history on May 10,
2010. A member of the Naismith Basketball Hall-of-Fame, Cooper-Dyke enjoyed a landmark playing career both in the
WNBA as a member of the Houston Comets and internationally in Italy and Spain. She was a member of back-to-back
national champion squads at the University of Southern California (1983, 1984) and represented the United States in
international competition on five occasions, including the games of the 1988 and 1992 Olympiads.
In its first season under Cooper-Dyke, UNCW established a program record for victories in a season with 24 wins and
made its first post-season appearance, accepting an at-large invitation to the 2011 Postseason Women’s National
Invitation Tournament. The Seahawks defeated Richmond, 63-54, in the first round, but fell to Eastern Michigan at
home in the second round by an identical 63-54 margin. The loss to EMU on March 21, 2011, was the first post-season
game ever to be played in Trask Coliseum. The 2010-2011 Seahawks were led by point guard and team captain Emily
Jurenka, whose tremendous work ethic had a major impact on the team. "Her hustle was infectious," Cooper-Dyke
said. "She did everything at 110 percent, and I've never seen a player spend so much extra time in the gym."
Additional Athletic Achievements
The men’s swimming and diving team has won the CAA title for 10 consecutive years, from 2002 through 2011. The
men's track & field team won its 10th team title in 2009. The men’s tennis team has won the CAA title twice in the last
three years (2009, 2011) by defeating VCU. The men’s golf and women’s golf teams each won the CAA title in 2011 to
give them three conference championships apiece. UNCW also captured the men's and women's CAA soccer titles in
2009.
Club Sports
UNCW club sports include teams in baseball, crew, equestrian, gymnastics, women's lacrosse, men's lacrosse, women's
soccer, men's soccer, surf, triathlon, men's volleyball, women's volleyball, water-ski, field hockey, ice hockey, rugby,
women's rugby, swimming, men's ultimate frisbee, women's ultimate frisbee, water polo, women's basketball, cycling,
golf, sailing, softball, tennis, wakeboard and wrestling.
Both of UNCW's club ultimate frisbee teams, the Seamen and the Seaweed, are nationally-ranked contenders in USA
Ultimate's college Open and Women's divisions respectively. In 2010, both teams won their way to the quarterfinals of
the USA Ultimate College Championships, each coming away tied for 5th overall.
The club ice hockey team plays in the Blue Ridge Hockey Conference in the Carolina division. The won their division in
the 2007-2008 and 2008-2009 seasons. They were runner ups in the BRHC Championship in the 2007-2008 season.
They are currently ranked in the South division of the D3 American Collegiate Hockey Association (ACHA). The team is
funded by players and sponsorship donations, for more information, or to donate, visit www.uncwhockey.com.
The UNCW Mens Rugby team, the Clamdiggers, was recently admitted back on campus in spring 2010. Since then they
have achieved national ranking in the D2 division and was ranked 18th in Fall 2010 and 22nd in spring 2011 with
victories over Nationally ranked D1 NC State and Previously #1 ranked Appalachian State"
In addition, numerous other clubs have attained notable accolades. The Surf Club finished 3rd in the 2011 NSSA
National Championships, won the NSSA Eastern Championships, placed in the 2010 NSSA National Championship,
were NSSA Easterns Champions 2010, were NSSA National Runner-up 2009, and were NSSA Easterns Champions
2009. The Golf Club won the National Championship in 2009 and was a 2011 National Championships Qualifier. The
Women's Club Basketball Team won the East Coast Division II Championship. In 2011, the Men's Club Lacrosse Team
won the War at the Shore Lacrosse Tournament. There are 29 active spots clubs on campus.
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Intramural Sports
Intramural sports involve a large percent of the campus body population with dozens of sports from flag football to
volleyball to bocce. With warm sunny weather favorable to being outside the majority of the year, the student body is in
tuned with participating in IM sports to get involved, meet new people, have fun, and stay active.
Senior Services and Healthcare
Over the past few years, the business of retirement has become a major industry in southern coastal areas. This is due
in part to a relative low tax rate, to a decidedly diverse cultural atmosphere, easy access to world class medical facilities,
and the maritime location which makes the climate unusually mild for this latitude. Warm spring breezes, hot
summers, a mild autumn and few days of freezing winter temperatures create a friendly weather pattern for retirees
from the North who yearn for the warm weather of Florida, but still want to experience the seasons. Many services
geared to retirees have been established in this area.
On the state level, 12 percent of North Carolina's population is in the age 65 and older category, and about 14 percent of
New Hanover County residents are older than age 65. That number increases to 52% in the city of Wilmington. The
percentage of residents over 65 is projected to grow as the number of retirees continues to increase. In response,
planned retirement communities, senior services, recreational opportunities aimed at retirees and other enterprises
represent a major component of the local economy. As retirees flow into the area, they bring their nest eggs with them,
thereby giving them the ability to contribute to the local economy. An added benefit is their contribution of skills and
knowledge to area volunteer organizations.
Healthcare is big business in the region. More than 450 physicians and five hospitals employ large numbers of medical
personnel. The largest employer is New Hanover Regional Medical Center, with nearly 4,700 employees. Local
healthcare services are extensive, and many are comparable with the best state-of-the-art medical facilities and services
in the nation. An example is the Zimmer Cancer Center at the New Hanover Regional Medical Center, providing
complete cancer care in one facility.
The rapidly expanding seniors' healthcare market is a national phenomenon, but it is particularly pronounced in
coastal/resort communities. In addition to extensive medical services, New Hanover, Brunswick and Pender counties
offer a large and constantly growing number of domiciliary care facilities.
TRANSPORTATION
Highway System
An overall network of area highway systems makes Wilmington attractive and easily accessible, both for travelers and
industry. U.S. Highway 17, a long major artery from New York to Florida, is currently being four-laned from the South
Carolina state line north to the Virginia State line. A bypass around Wilmington is also in the works. Interstate
40 provides a direct connection from Wilmington to Raleigh, Durham, Chapel Hill, Burlington, and Greensboro, as
well as other cities across the state. In fact, this east-west highway that begins in Wilmington, stretches all the way
across the country to Barstow, California.
Air Transportation
Serving southeastern North Carolina, the Wilmington International Airport (ILM) is located on 1,500 acres, three
miles northeast of Wilmington. The airport is operated by the New Hanover County Airport Authority: 1740 Airport
Boulevard, Wilmington, N.C. 28405. With flight options through Delta Airlines and US Airways, ILM offers many nonstop flights to popular destinations within the US such as New York City, Atlanta, Philadelphia, and Washington DC.
Serving over 3/4 million passengers per year, ILM prides itself on its convenient flight options, ease of use, and
extremely friendly staff.
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The airport is open 24 hours a day and the control tower is operated 18 hours a day. A Federal Inspection Station at the
airport provides entry, clearance and documentation for foreign flights by U.S. Customs, Department of Agriculture
and I.N.S. The National Weather Service maintains a facility at the airport which serves aviation needs by
disseminating weather information to the entire region.
Three full service Fixed Base Operators provide a complete range of aeronautical services, including hangar storage, tie
downs, aircraft sales and service, fuel sales, flight instruction, aircraft charter and rentals, and major and minor
airframe and engine repairs. The airport provides a full time, professional Public Safety Office staffed by fully trained
and certified law enforcement officers, firefighters and medical technicians to provide efficient security and aircraft
rescue/firefighting protection.
Railways
The Wilmington area is served by CSX Transportation, a major freight line that provides freight transportation to
twenty states, the District of Columbia and Ontario, Canada. From Wilmington, several spurs serve Wilmington area
customer in Castle Hayne, Coastal, Hanover and Malmo. Freight destined to and from these customers is shipped west
to yards at Pembroke and Hamlet, N.C., for daily distribution to shippers and receivers all across the United States on
CSXT's fast north-south mainline trains.
Whiteville, Chadbourn and Myrtle Beach are served by Mid-Atlantic and Waccamaw Coastline shortline railroads.
Local service to customers in all these areas is performed by local trains and/or switch engine assignments. Major
customers include the North Carolina State Ports Authority in Wilmington.
Just west of Wilmington, CSXT operates Davis classification yard, which meets the continuing and increasing needs of
Wilmington and this area.
Bus and Taxi
Local bus service is provided by Wave Transit on six fixed routes throughout the City (7 days a week, 5:45 a.m.-8:00
p.m.); three shuttles; a free downtown trolley, and through the Seahawk Shuttle services. Wave Transit also provides
paratransit service for disabled individuals and has a taxi voucher program in place for visually impaired citizens.
Greyhound is the one inter-city bus line that operates daily, involving several departures. Arrival schedules are posted
daily or call (910) 762-6625. Several taxicab companies provide service to the Greater Wilmington Area.
Wilmington Harbor
Maintained by the U.S. Army Corps of Engineers, Wilmington Harbor is served by 36 miles of navigation channels, two
turning basins and one anchorage basin used for turning the largest ship in the harbor. The entrance channel, 44 feet
deep and 500 feet wide, crosses the ocean bar and continues to deep water at Southport. From there to the upper end
of the anchorage basin at the foot of Castle Street, the navigation channel is 42 feet deep and 400 feet wide. From
Castle Street to the Hilton Bridge over the Northeast Cape Fear River, the channel is 38 feet deep and 400 feet wide.
From Castle Street to the Hilton Bridge over the Northeast Cape Fear River, the channel is 38 feet deep and 400 feet
wide with increased widths at bends. The remainder of the harbor's channel is 25 feet deep by 200 feet wide and
extends 1.7 miles up the Northeast Cape Fear River.
Opposite the State Ports is an anchorage/turning basin 42 feet deep, 1200 feet by 1200 feet. In addition, a 111-milelong channel links the deep water port of Wilmington with Fayetteville. The depth of that channel which
accommodates barges and smaller vessels varies from 25 feet, 12 feet and 8 feet.
Another component of harbor improvements is the construction of a 6.2-mile-long by 600-foot-wide passing lane near
the mid-point of the navigation channel between the Atlantic Ocean and the N.C. State Ports Authority terminal. This
project would also include widening 5 of the turns along the harbor channel.
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Additional features of the plan, as described in the June 1996 Feasibility Report are: no improvements up to 750 feet
above the Hilton Railroad Bridge; then deepening the existing channel from 25 to 34 feet to the Arcadian corporation,
approximately 2 miles. The plan also includes extending the length of the anchorage basin and widening the turning
basin across from the Arcadian Corporation.
ARTS & CULTURE
Wilmington has been ranked as one of the 100 Best Small Art Towns in America. The proof of our vibrant arts
community can be viewed virtually everywhere one travels: on the walls of local eateries and coffee houses, in the large
selection of commercial art galleries, at arts and crafts fairs, and in the numerous community theatre companies that
put on shows year round. Stroll through downtown Wilmington on a week night or weekend and you’ll see and hear
theatre coming from traditional venues, such as historic Thalian Hall, and some less likely places: underground bars,
the public radio station and outdoor courtyards.
Thalian Hall Center for the Performing Arts
Thalian Hall opened in 1858. It is downtown’s centerpiece for plays, musicals, concerts and dance. Once the stage
where locals flocked to see such greats as Lillian Russell and John Philip Sousa, visitors still enjoy touring concerts and
productions from around the world, as well as high quality local theatre.
Kenan Auditorium
The Sarah Graham Kenan Memorial Auditorium on the campus of UNCW is home to the Wilmington Symphony
Orchestra. Kenan also holds student theatre, hosts touring acts from around the world, and performances by local
musicians.
Community Arts Center
The Community Arts Center is one of the last remaining USO buildings from World War II. The Arts Center hosts
theatre companies and features hands-on classes in pottery, painting, yoga, and more. The center also presents
performance productions, festivals and events.
Visual Arts
In Wilmington alone, there are dozens of art galleries and spaces where visual art is regularly displayed. The entire
region is populated by an astonishing numbers of professional painters, illustrators, potters, paper makers, collagists,
printmakers, metalsmiths, sculptors, woodcarvers, weavers, basketmakers, and craftspeople.
The pinnacle of visual arts display is the Louise Wells Cameron Art Museum, located at the intersection of
Independence Blvd. and 17th Street Extension. The museum houses the largest collection of North Carolina art. This
45,000 square foot state-of-the-art facility–designed by noted Guggenheim-addition architect Charles Gwathmey—
features North Carolina and American art from the 18th century to the present, and includes a sculpture garden, café
and expansive museum gift shop.
Cape Fear Museum
The overall cultural heritage of the Greater Wilmington area is preserved and displayed in the Cape Fear Museum on
Market Street. Established in 1898 as the New Hanover County Museum, it was dramatically renovated in 1992. The
museum is laid out to guide the visitor from pre-colonization days to the present, pausing to showcase important
historical events along the way, and also features quality, traveling exhibitions.
The museum also displays interesting local artifacts, such as basketball star Michael Jordan’s high school uniform, as
well as the Michael Jordan Discovery Gallery, an interactive natural history exhibit for the entire family.
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BROKER PROFILE
Multifamily Realty Advisors, LLC (“MRA”) is a regional commercial real estate firm with an exclusive
focus on the apartment sector. MRA provides brokerage and advisory services to buyers, sellers,
developers, and lenders of apartment properties within the specific markets we cover. The firm’s
primary apartment markets are Raleigh-Durham-Chapel Hill (the “Triangle” area) and Wilmington,
North Carolina.
Richard Cotton is Managing Director of Multifamily Realty Advisors. He has an extensive background
in the acquisition, management, and sale of multifamily projects. For more than twenty-five years, he
was President, CEO, and majority stockholder of Montgomery Financial Corporation ("MFC"), a real
estate investment and management firm where he successfully created and managed a series of
nineteen (19) real estate limited partnerships that acquired, owned and operated a diversified
portfolio of residential and commercial real estate in four states. Fourteen of the MFC sponsored
partnerships were formed for the acquisition and management of multi-family and single-family
residential properties, and five partnerships were formed for the acquisition and management of
commercial projects, including two office buildings, two hotels, and one industrial property. The MFC
sponsored partnerships continued in operation under Richard's direct management for an average of
ten years each until the last project was sold in 2001.
Richard has broad experience as a principal in the negotiation of contracts relating to the acquisition,
financing and sale of commercial real estate, particularly multi-family and hotel properties. He was
President and CEO of six MFC wholly-owned subsidiary corporations including Montgomery
Mortgage, Inc., which provided overall mortgage banking services; Montgomery Equities, Inc., an
NASD registered broker/dealer firm; Montgomery Advisors, Inc., a registered investment advisor;
Montgomery Real Estate, Inc., a licensed real estate subsidiary providing real estate brokerage
services; and Montgomery Model Homes, Inc., an investment subsidiary.
Prior to the formation of Multifamily Realty Advisors, from 2004-2009, Richard was a commercial
broker specializing in multifamily with Prudential CRES Commercial Real Estate (Raleigh and
Wilmington) which subsequently merged with Coldwell Banker Commercial-Sun Coast Partners.
During this period, Richard was leading broker in sales volume for the years 2005-2006 and was
“Broker of the Year” in both 2007 and 2009. He is a recipient of the CoStar Power Broker award for
the Raleigh-Durham-Chapel Hill market for the years 2009, 2011, 2012, and 2013. Richard’s exclusive
focus as a broker is multifamily acquisitions, sales, and development. He is an Advisory Committee
Member of the National Multi Housing Council.
MRA
Apartment Brokers and Advisors
www.mra-apartments.com
RICHARD R. COTTON
rcotton@mra-apartments.com
910-431-7986
Raleigh, North Carolina
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COPYRIGHT © 2014 - ALL RIGHTS RESERVED
WORKING WITH REAL ESTATE AGENTS
NOTE: Effective July 1, 2001, in every real estate sales transaction, a real estate agent shall, at first substantial contact directly with a
prospective buyer or seller, provide the prospective buyer or seller with the following information [NC Real Estate Commission Rule
21 NCAC 58A.0104(c)].
When buying or selling real estate, you may find it helpful to have a real estate agent assist you. Real estate agents can provide
many useful services and work with you in different ways. In some real estate transactions, the agents work for the seller. In others,
the seller and buyer may each have agents. And sometimes the same agents work for both the buyer and the seller. It is important for
you to know whether an agent is working for you as your agent or simply working with you while acting as an agent of the other
party.
This brochure addresses the various types of working relationships that may be available to you. It should help you decide which
relationship you want to have with a real estate agent. It will also give you useful information about the various services real estate
agents can provide buyers and sellers, and it will help explain how real estate agents are paid.
SELLERS
Seller's Agent
If you are selling real estate, you may want to “list” your property for sale with a real estate firm. If so, you will sign a “listing
agreement” authorizing the firm and its agents to represent you in your dealings with buyers as your seller's agent. You may also be
asked to allow agents from other firms to help find a buyer for your property.
Be sure to read and understand the listing agreement before you sign it. Your agent must give you a copy of the listing agreement
after you sign it.
Duties to Seller: The listing firm and its agents must  promote your best interests  be loyal to you  follow your lawful
instructions  provide you with all material facts that could influence your decisions  use reasonable skill, care and diligence, and

account for all monies they handle for you. Once you have signed the listing agreement, the firm and its agents may not give any
confidential information about you to prospective buyers or their agents without your permission so long as they represent you. But
until you sign the listing agreement, you should avoid telling the listing agent anything you would not want a buyer to know.
Services and Compensation: To help you sell your property, the listing firm and its agents will offer to perform a number of
services for you. These may include  helping you price your property  advertising and marketing your property  giving you all
required property disclosure forms for you to complete  negotiating for you the best possible price and terms  reviewing all written
offers with you and  otherwise promoting your interests.
For representing you and helping you sell your property, you will pay the listing firm a sales commission or fee. The listing
agreement must state the amount or method for determining the commission or fee and whether you will allow the firm to share its
commission with agents representing the buyer.
Dual Agent
You may even permit the listing firm and its agents to represent you and a buyer at the same time. This “dual agency
relationship” is most likely to happen if an agent with your listing firm is working as a buyer's agent with someone who wants to
purchase your property. If this occurs and you have not already agreed to a dual agency relationship in your listing agreement, your
listing agent will ask you to amend your listing agreement to permit the agent to act as agent for both you and the buyer.
It may be difficult for a dual agent to advance the interests of both the buyer and seller. Nevertheless, a dual agent must treat
buyers and sellers fairly and equally. Although the dual agent owes them the same duties, buyers and sellers can prohibit dual agents
from divulging certain confidential information about them to the other party.
Some firms also offer a form of dual agency called “designated agency” where one agent in the firm represents the seller and
another agent represents the buyer. This option (when available) may allow each “designated agent” to more fully represent each
party.
If you choose the “dual agency” option, remember that since a dual agent's loyalty is divided between parties with competing
interests, it is especially important that you have a clear understanding of  what your relationship is with the dual agent and what
the agent will be doing for you in the transaction.
BUYERS
When buying real estate, you may have several choices as to how you want a real estate firm and its agents to work with you.
For example, you may want them to represent only you (as a buyer's agent). You may be willing for them to represent both you and
the seller at the same time (as a dual agent). Or you may agree to let them represent only the seller (seller's agent or subagent).
Some agents will offer you a choice of these services. Others may not.
Page 1 of 3
North Carolina Association of REALTORS®, Inc.
Page 41
STANDARD FORM 520
REC 1/1/2009
© 7/2012
Buyer's Agent
Duties to Buyer: If the real estate firm and its agents represent you, they must  promote your best interests  be loyal to you 
follow your lawful instructions  provide you with all material facts that could influence your decisions  use reasonable skill, care
and diligence, and account for all monies they handle for you. Once you have agreed (either orally or in writing) for the firm and its
agents to be your buyer's agent, they may not give any confidential information about you to sellers or their agents without your
permission so long as they represent you. But until you make this agreement with your buyer's agent, you should avoid telling
the agent anything you would not want a seller to know.
Unwritten Agreements: To make sure that you and the real estate firm have a clear understanding of what your relationship will
be and what the firm will do for you, you may want to have a written agreement. However, some firms may be willing to represent
and assist you for a time as a buyer's agent without a written agreement. But if you decide to make an offer to purchase a particular
property, the agent must obtain a written agency agreement before writing the offer. If you do not sign it, the agent can no longer
represent and assist you and is no longer required to keep information about you confidential.
Be sure to read and understand any agency agreement before you sign it.
Services and Compensation: Whether you have a written or unwritten agreement, a buyer's agent will perform a number of
services for you. These may include helping you  find a suitable property  arrange financing  learn more about the property
and

otherwise promote your best interests. If you have a written agency agreement, the agent can also help you prepare and submit a
written offer to the seller.
A buyer's agent can be compensated in different ways. For example, you can pay the agent out of your own pocket. Or the agent
may seek compensation from the seller or listing agent first, but require you to pay if the listing agent refuses. Whatever the case, be
sure your compensation arrangement with your buyer's agent is spelled out in a buyer agency agreement before you make an offer to
purchase property and that you carefully read and understand the compensation provision.
Dual Agent
You may permit an agent or firm to represent you a n dthe seller at the same time. This “dual agency relationship” is most likely
to happen if you become interested in a property listed with your buyer's agent or the agent's firm. If this occurs and you have not
already agreed to a dual agency relationship in your (written or oral) buyer agency agreement, your buyer's agent will ask you to
amend the buyer agency agreement or sign a separate agreement or document permitting him or her to act as agent for both you and
the seller. It may be difficult for a dual agent to advance the interests of both the buyer and seller. Nevertheless, a dual agent must
treat buyers and sellers fairly and equally. Although the dual agent owes them the same duties, buyers and sellers can prohibit dual
agents from divulging certain confidential information about them to the other party.
Some firms also offer a form of dual agency called “designated agency” where one agent in the firm represents the seller and
another agent represents the buyer. This option (when available) may allow each “designated agent” to more fully represent each
party.
If you choose the “dual agency” option, remember that since a dual agent's loyalty is divided between parties with competing
interests, it is especially important that you have a clear understanding of  what your relationship is with the dual agent and  what
the agent will be doing for you in the transaction. This can best be accomplished by putting the agreement in writing at the earliest
possible time.
Seller's Agent Working with a Buyer
If the real estate agent or firm that you contact does not offer buyer agency or you do not want them to act as your buyer agent, you
can still work with the firm and its agents. However, they will be acting as the seller's agent (or “subagent”). The agent can still help
you find and purchase property and provide many of the same services as a buyer's agent. The agent must be fair with you and
provide you with any “material facts” (such as a leaky roof) about properties.
But remember, the agent represents the seller - not you - and therefore must try to obtain for the seller the best possible price and
terms for the seller's property. Furthermore, a seller's agent is required to give the seller any information about you (even personal,
financial or confidential information) that would help the seller in the sale of his or her property. Agents must tell you in writing if
they aresellers' agentsbefore you say anything that can help the seller. But until you are sure that an agent is not a seller's agent,
you should avoid saying anything you do not want a seller to know.
Sellers' agents are compensated by the sellers.
Page 2 of 3
STANDARD FORM 520
REC 1/1/2009
© 7/2012
Page 42
FOR BUYER/SELLER
This is not a contract
Date
Firm Name
Richard R. Cotton
220519
License Number
Agent Name
Disclosure of Seller Subagency
(Complete, if applicable)
When showing you property and assisting you in the purchase of a property, the above agent and firm will represent the SELLER.
For more information, see “Seller's Agent Working with a Buyer” in the brochure.
Agent's Initials Acknowledging Disclosure: _________________
The North Carolina Real Estate Commission
P.O. Box 17100 Raleigh, North Carolina 27619-7100
919/875-3700 Web Site: www.ncrec.state.nc.us
REC 3.45 1/1/09
WORKING WITH REAL ESTATE AGENTS
Agents must retain this acknowledgment for their files.
This is not a contract
By signing, I acknowledge that the agent named below furnished a copy of this brochure and reviewed it with me.
Buyer or Seller Name (Print or Type)
Buyer or Seller Name (Print or Type)
___________________________________________
Buyer or Seller Signature
___________________________________________
Buyer or Seller Signature
Date
Date
Firm Name
Richard R. Cotton
Agent Name and License Number
220519
Disclosure of Seller Subagency
When showing you property and assisting you in the purchase of a property, the above agent and firm will represent the SELLER.
For more information, see “Seller's Agent Working with a Buyer” in the brochure.
Buyer's Initials Acknowledging Disclosure: _________ _________
Page 3 of 3
STANDARD FORM 520
REC 1/1/2009
© 7/2012
Page 43

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