Phillips Management Group Sells North Carolina Community For $37M

by multihousingnews.com posted 6months ago 41 views
The 384-unit property is within walking distance of the University of North Carolina. : A partnership of Friedlam Partners and Ebex Holdings has acquired Pinewood Apartments, a 384-unit residential community in Wilmington, N.C., for $36.5 million. Marcus & Millichap represented the seller, Phillips Management Group and procured the buyer in the deal. According to Yardi Matrix, the partnership obtained a $27.3 million Freddie Mac loan for the acquisition, originated by Arbor Realty Trust. Built in 1981, the 48-building community has a mix of one- and two-bedroom units with fully equipped kitchens and back patios.

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