LELAND, NC—Capstone has closed the off-market sale of a nearly 16-acre multi-family development site within the Westgate community of Leland. Located within the flourishing Wilmington suburb, the site will soon be home to Waterleaf at Leland, the area’s newest luxury apartment community.
Capstone sold the property on behalf of the Westgate development team and procured the buyer, Graycliff Capital Partners, LLC (“Graycliff”), headquartered in Greenville, South Carolina.
“Today’s announcement of the newest residential phase of development in Westgate speaks volumes to the appetite for smart, environmentally-conscious growth in our corridor,” said Nathan Sanders and Mark Maynard, developers of the 550-acre Westgate Community, which includes the 146-acre Westgate Nature Park bordering the lush Jackeys Creek forest.
Graycliff plans to build a Class A apartment project with 248 total units featuring studios, one-, two-, and three-bedroom apartments. The community will include a best-in-class amenity package, including a bike & kayak barn, 24-hour fitness center, dog wash station & dog park, a saltwater swimming pool, and a package concierge system including refrigerated storage. Unit amenities will include granite countertops, stainless-steel appliances, private balconies, faux-wood LVT flooring, and stand-up showers (select units). Residents will also benefit from walkability to an adjacent development at Leland Town Center, which includes a new Aldi, Chick-fil-A, and Starbucks, as well as direct access to Westgate Nature Park.
“Graycliff is excited to be entering the thriving coastal community of Leland,” said Paul Aiesi, Principal at Graycliff. “The abundance of commercial activity, soaring population growth, and proximity to Downtown Wilmington drew us to this location. There is demand in the submarket for a true Class A, market-rate rental community with best-in-class amenities and luxury finishes for residents.”
Capstone’s Caleb Troop and Brian Ford represented the seller in the transaction.
“It is incredible to see the continued growth along this stretch of Highway 17 in Leland,” Troop said. “The consistently thoughtful land planning measures taken by the entire Westgate team attract best-in-class development firms like Graycliff. There is little doubt that Graycliff will set the bar high for rental housing options with this latest project.”
The goal of Capstone is to help generate, maintain, and increase the value and profitability of our clients’ multi-family investment properties. To do so, we provide comprehensive multi-family advisory services in asset acquisition and development, strategic ownership decisions, market insight and positioning, property value analysis, and disposition brokerage to support our clients in every stage of ownership. This comprehensive multi-family-focused service offering paired with our relentless drive to win on behalf of our clients is what sets us apart from pedestrian brokerage firms. Capstone simply put: Expertise. Experience. Extra-Mile.
About Graycliff Capital Partners, LLC:
Graycliff is a multi-family development and investment company focusing within the southeastern and mid-Atlantic United States. Since 2010, Graycliff has acquired and developed more than 9,428 apartment units, executing approximately $1.40 billion in transactions. Graycliff’s core strategy is based on investing in areas with established economic growth and high barriers to entry. Graycliff is passionate about supporting local non-profits making positive impacts in their respective communities.
Westgate is a large mixed-use neighborhood, containing not only an array of retail, service, office and restaurant choices, but also some of the most-choice multi-family zoned land in the Southeast. Westgate, “A Southern Village of Homes and Commerce” is located in the heart of the most vibrant part of Brunswick County. It is the magnetic center of commerce in the county. Located on US Highway 17, the main connector of Wilmington and Myrtle Beach, it is five minutes from historic, booming, downtown Wilmington; a quick drive to several beaches and golf courses; and surrounded by thousands of affluent residents in the adjacent neighborhoods of Waterford of the Carolinas, Magnolia Greens and Brunswick Forest.