OASIS PORTFOLIO – 200 UNITS IN WILMINGTON, N.C.
SOLD: $35,700,000 or $178,500/unit
DATE SOLD: 10/1/24
Deaton GREA is pleased to present, as the exclusive listing broker for the seller, Oasis at Cedar Branch and Oasis at Twinwood, a 200-unit portfolio in the rapidly growing market of Wilmington, NC. The portfolio features two properties located within 1.5 miles of each other, providing for economies of scale and streamlined management. The properties benefit from excellent locations, large floorplans with bed-bath parity, and a combined $2.1 million in recent capital improvements including interior renovations, amenity upgrades, and water submeter installation. Both assets were converted from by-the-bed, student leases to market rate operations over the last eighteen months.
Built in 2013, Oasis at Cedar Branch features 104 units located at 205 Cedar Branch Lane. The property has a mix of 48, two-bedroom and two-bathroom units of 1,000 SF and 56, three-bedroom and three-bathroom, town home-style units of 1,480 SF. Oasis at Twinwood, located at 4013 Wilshire Boulevard, was completed in 2011 and features 96 units. The garden-style units at Twinwood are a mix of 48, two-bedroom and two-bathroom units of 1,000 SF and 48, three-bedroom and three-bathroom units of 1,200 SF.
UNIT INFORMATION
| Unit | Type | Size | Rent |
|---|---|---|---|
| CEDAR - 48 UNITS | 2 BD/2 BA | 1,000 SF | $1,650 |
| CEDAR - 56 UNITS | 3 BD/3 BA (TOWNS) | 1,480 SF | $2,059 |
| TWINWOOD - 48 UNITS | 2 BD/2 BA | 1,000 SF | $1,575 |
| TWINWOOD - 48 UNITS | 3 BD/3 BA | 1,200 SF | $1,900 |
| 200 UNITS TOTAL | 236,480 RSF | $361,304 GPR |
PROPERTY INFORMATION
| PIN | R04919-008-090-000, R05514-004-011-000, R05514-004-010-000 |
| Tax Value | $19,969,200 + $8,500,000 + $8,500,000 |
| Taxes | $168,739 + $71,825 + $71,825 |
| Lot Size | 11.21 + 3.31 + 3.51 ACRES |
| Year Built | 2013, 2011 |
| Exterior | VINYL, BRICK |
| Floors | LVP, CARPET, VINYL |
| Foundation | SLAB |
| HVAC | CENTRAL AIR, HEAT PUMPS |
| Utilities | OWNER PAYS CABLE/INTERNET |
| Legal Description | R04919-008-090-000, R05514-004-011-000, R05514-004-010-000 |
| Appliances | RANGE, REFRIGERATOR, DISHWASHER, MICROWAVE, WASHER/DRYER |
| Sold Date | 2024-10-01 |
| Zoning | MULTIFAMILY |
Agent Information Michael Deaton
Location Map
OASIS PORTFOLIO – 200 UNITS IN WILMINGTON, N.C.
