Saturday, June 25, 2022

Riverlights luxury apartment community is sold for $63.8M

Riverlights’ new upscale apartment complex has switched hands from Middleburg Communities to RAS Realty Partners, in a $63.8 million acquisition. (Port City Daily/Courtesy photo)

WILMINGTON — A luxury apartment community on River Road has new owners after a nearly $64 million acquisition took place between Virginia-based Middleburg Communities and Florida-based RAS Realty Partners.

The 250-unit complex features one-, two- and three-bedroom apartments, which rent anywhere between $1,400 to $2,200 a month. Located at 4027 Watercraft Ferry Ave., Middleburg Communities developed and completed the complex earlier in the month, though began welcoming residents into Mosby at Riverlights in May 2021.

Middleburg has developed 21,000 square feet of apartment units, totaling more than $3 billion in transactions across South Carolina, Georgia, Alabama, and Kentucky. It works in multifamily and single-family investments, plus workforce and affordable housing.

RAS focuses on class A and B middle-market properties at a low-costs basis and has managed over $200 million in assets. It announced in the press release it will be changing the name of the Riverlights development to “Oasis at Riverlights” as part of a new branding initiative.

“As long-term owners focused on adding value to our surrounding areas, RAS is excited to include Mosby at Riverlights to our expanding portfolio of Class A properties,” RAS managing partners Michael Heller and Adam Heller said in the release. “We anticipate a tremendous amount of growth in the Wilmington submarket, and are looking forward to developing a strong presence in the area for years to come.”

The amenities of the soon-to-be-renamed complex include outdoor cabanas and grilling areas, as well as an 8,000 square foot, two-level clubhouse. The apartments are outfitted with upscale interior aesthetics, like granite countertops, hard-surface plank flooring, stainless steel appliances, and more.

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Shea Carver
Shea Carver is the editor in chief at Port City Daily. A UNCW alumna, Shea worked in the print media business in Wilmington for 22 years before joining the PCD team in October 2020. She specializes in arts coverage — music, film, literature, theatre — the dining scene, and can often be tapped on where to go, what to do and who to see in Wilmington. When she isn’t hanging with her pup, Shadow Wolf, tending the garden or spinning vinyl, she’s attending concerts and live theater.

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