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Continental Realty adds to North Carolina multifamily portfolio with $76M purchase

Formerly owned by State Street Companies, the garden-style community is comprised of 12, three-story buildings and features resort-style amenities. The community was 99% leased at the time of this off-market sales transaction. (Submitted photo)

Continental Realty Corporation, a Baltimore-based real estate investment and management company, has announced the expansion of its North Carolina multifamily portfolio with the acquisition of The Reserve at Mayfaire, an upscale 264-unit community in Wilmington, for $76 million.

Formerly owned by State Street Companies, the garden-style community is comprised of 12, three-story buildings and features resort-style amenities. The community was 99% leased at the time of this off-market sales transaction.

The asset was purchased on behalf of Continental Realty Fund V L.P., a $210.8 million private equity fund focused on acquiring value-add retail and multifamily properties in the mid-Atlantic and Southeast regions. This acquisition represents the fourth multifamily community acquired in the Southeast by the Fund, following this summer’s purchase of Two Addison Place, a 325-unit multifamily community in Savannah, Georgia. The fund has now acquired 12 assets overall since it was formed in 2019.

With this acquisition, CRC’s North Carolina multifamily portfolio expands to six communities encompassing over 1,150 units, including The Edison Lofts, St. Mary’s Square and The Village Apartments in the Raleigh area and The Flats at Ballantyne and Park & Kingston in the Charlotte region.

Nearly 140 of the 264 units within The Reserve at Mayfaire have been renovated by the former ownership group. CRC plans to invest in a continuing upgrade strategy that will address the remaining units over a multi-year period. These plans will focus on improvements to the in-unit appliance package, flooring and countertops in the kitchen and bathroom as well as in the community’s amenity areas, including new pool furniture and cabanas and enhancements to the grilling area with additional seating and a fire pit.