The Cushman & Wakefield Southeast Multifamily Advisory Group is pleased to present the exclusive listing of the 158-unit Hawthorne Centre North and the 78-unit Hawthorne Lofts South located in the center of Wilmington, NC, the 3rd fastest growing city in the state. These offerings can be purchased individually or as a portfolio. Built in 1996/1990, this well-maintained portfolio has received over $3.5 million in capital improvements since 2013, implementing property-wide roof replacements in 2019 and significant amenity enhancements along with light upgrades throughout the units. The area has received a massive influx of new residents, as Wilmington explodes in population growth due to in-migration accelerated by the pandemic, as remote workers love the affordable beach lifestyle and beautiful scenery that Wilmington has to offer. Impressive leasing trends are expected to continue with Wilmington, NC ranking as a top 20 city in the United States for inbound population growth in 2020. Both properties are top performers in their submarket by holding a 98% occupancy average over the past 15 months. Current renovations at the Hawthorne Centre North and Hawthorne Lofts South are achieving rent premiums of $75 and $95, respectively. Despite this impressive performance, the market indicates there is an opportunity for a higher-end value-add program that would result in a potential boost to NOI by 28%-37%, along with the potential to implement additional revenue streams.
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Hawthorne Centre North and Lofts South (2 properties, 236 units)