Phillips Management Group Sells North Carolina Community for $37M

Originally published in Multi-Housing News

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. Common-area amenities include a swimming pool and laundry facilities. The property also has 611 parking spaces.

Located at 4901 Randall Parkway on approximately 18 acres, the property is within walking distance of the University of North Carolina and within 5 miles of Wrightsville Beach.

Marcus & Millichap’s First Vice President Drew Babcock brokered the transaction. In August, he led the team which arranged the sale of a 250-unit community in Columbia, S.C. The asset traded for $25.5 million.