A development firm recently purchased land in northern Brunswick County to create a luxury apartment community, according to an announcement from Capstone Land Sales.
Atlanta-based Hathaway Development paid $5.58 million for 22.5 acres within the Westgate community of Leland. The land will be used to develop a 312-unit apartment complex called Exchange at Westgate.
“Hathaway is excited to be entering the thriving coastal community of Leland,” said Daniel Hathaway, of Hathaway Development, in the Capstone news release. “The abundance of commercial activity, soaring population growth and proximity to downtown Wilmington drew us to this location.
“There is demand in the submarket for a true Class A, market-rate rental community with best-in-class amenities and luxury apartment finishes.”
According to the release, the Capstone brokerage team was led by Caleb Troop and Eric Liebich.
“The demand for quality housing in Leland has not slowed down since the pandemic hit,” Troop said in the release. “If anything, the pandemic has led to the exponential growth and desirability of thoughtful communities like Westgate, where residents benefit from incredible views and walkability to the services they need.”
Added Liebich, “Exchange at Westgate further solidifies the Hathaway team’s proven track record across the Carolinas and will provide ideal rental options to future residents in an area experiencing explosive net migration and population growth.”
The release stated that Exchange at Westgate will be part of the greater 550-acre Westgate community, which is comprised of retail and dining, apartment communities and single-family homes, as well as the 146-acre Westgate Nature Park.
Hathaway operates in multiple primary, secondary and tertiary markets across the country, according to the firm’s website. The company has developed, acquired and/or built over 15,000 multifamily units in nine states, totaling over $1 billion in asset creation for its investors and clients, the website stated.