Oak Court – 35 Units

UNDER CONTRACT

CONTACTS

Brent Kubitschek 919-429-9694

John Bergin 704-804-3342

Waterstone Multi-Family Group is pleased to present the Oak Court apartments in Wilmington, NC. Built in 2014, Oak Court consists of 30 Class-A units in a single building with well-maintained asphalt roofs and an asphalt parking lot.  A roughly 6,000-sqft (5 units) retail component is also included. The property is only three minutes from UNC-Wilmington, six minutes from downtown Wilmington and ten minutes from the Historic River District. In addition, Oak Court is located just three minutes from Interstate 40, seventeen minutes from Wrightsville beach and it sits just eight minutes from both the University Center shopping district and the Independence Mall. Although the property lies just minutes from UNC-Wilmington it is not student-housing focused and is occupied by young working professionals and recent graduates who decided to stay in the area.

Units feature premier amenities, including:

  • Faux-stone countertops
  • Large kitchen islands
  • Black appliances
  • Large balconies
  • Oversize walk-in closets
  • Hardwood floors & fresh bedroom carpeting

 

The management group began property upgrades in August including:

  • Landscaping
  • Exterior siding
  • Hallway & ceiling material upgrades
  • Gutters
  • Retention ponds
  • Siding & Pressure washing
  • HVAC

PLEASE NOTE: This is a debt-assumption deal. Current financing is in place through December 2026 at a fixed rate of 5.70%, and an outstanding balance of roughly $2.8MM. Oak Court offers a new owner the ability to drive the NOI by continuing to operate expense costs in line with market averages, can be converted into student housing, as well as having room to raise in-place rents (rent growth for the Wilmington MSA grew 2.1% YOY, one of the highest rates in the state), which the new management group is in the process of doing with each month that passes. This property has been run inefficiently, the new management team began rectifying those issues in recent months, and expect reduced expenses and increased profitability in the near term, as less active oversight is required, unit turn expenses decline with full occupancy levels, monthly operations level out, and time goes on.

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Other

  • Address: 245 South Kerr Avenue Wilmington, North Carolina 
  • Area: Wilmington 
  • Number of Units: 35 
  • Year Built: 2014 
  • Acres: 2.37