Luxury waterfront multifamily asset in North Carolina trades hands

RALEIGH, Dec. 3, 2024 – JLL Capital Markets announced today that it has arranged the sale of Pier 33, a 286-unit luxury multifamily asset located in the heart of downtown Wilmington, North Carolina.

JLL worked on behalf of the seller, Dewitt Carolinas, Inc., and procured the buyer, Middle Street Partners. JLL also represented the borrower, to originate the Fannie Mae loan. The loan will be serviced by JLL Real Estate Capital, LLC.

Pier 33, located at 901 Nutt St., enjoys a prime waterfront position in the heart of the vibrant River North District. Within walking distance are over 200 shops and restaurants, as well as key attractions such as the Live Oak Bank Pavilion, Cape Fear Community College and the Wilmington Convention Center. The community's strategic location offers convenient access to major highways, including I-140, US-74, US-17 and I-40, ensuring seamless transportation and connectivity throughout the region.

Wilmington, North Carolina has experienced significant growth, with the MSA population increasing by 82.76% over the last decade. The city's economy is diverse, with complex industries such as aviation, banking, advanced manufacturing, financial technology, pharmaceuticals and biotechnology migrating to the area. The area boasts a well-educated workforce, with 39% of residents holding a bachelor's degree or higher. This combination of population growth, economic diversity, and strong demographics positions Wilmington, and particularly the downtown area where Pier 33 is located, for continued demand in high-quality multifamily housing.

Pier 33, completed in 2021, offers over 750 feet of direct waterfront views and commanding top-tier rents in the local market. The community features 21,000 square feet of ground-floor retail space, hosting notable tenants such as Bonita Latin Fusion, Megarounds and Nautical Bowls. At Pier 33, residents can choose from a variety of studio, one-, two- and three-bedroom units, with an average size of 872 square feet, all boasting high-end finishes including wood-style flooring, tile backsplashes, large walk-in closets, frameless glass showers, stainless steel appliances and quartz countertops. The community further enhances the living experience with luxurious amenities such as a resort-style pool, pet spa, sky lounge, fitness center and co-working spaces.

JLL Capital Market’s Investment and Sales Advisory team representing the seller was led by Managing Directors John Mikels and John Gavigan, Senior Director Niki Dewberry and Analyst William Martin. JLL’s Debt Advisory team was spearheaded by Directors Ward Smith and Brad Woolard.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Dewitt Carolinas, Inc., founded in 1997 and headquartered in Raleigh, NC, is a full-service real estate company specializing in the acquisition, ownership, development and management of properties and land throughout the Carolinas. With a diverse portfolio and commitment to high-quality service, Dewitt Carolinas has established an unmatched reputation for excellence in the region's real estate market. For more information visit www.dewittcarolinas.com.

Middle Street Partners, LLC (MSP) is a prominent real estate investment and development firm specializing in multifamily acquisitions and development across the Sunbelt region of the United States. Since its founding in 2009, MSP has built an impressive portfolio, acquiring approximately 10,500 apartment units and developing around 5,000 more, representing about $2.6 billion in capitalized value throughout the Carolinas, Florida, Georgia, Tennessee and Texas. Headquartered in Charleston, SC, with additional offices in Atlanta, Nashville and Orlando, MSP also selectively pursues platform investments in other real estate-related ventures through various subsidiaries.