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Portsmouth Real Estate Partners Acquires 262-Unit Helmsman Community In Wilmington For $71.9M
SOLD
$71,900,000
North Carolina
See Similar DealsMultiFamily
Sold 10/15/2025
SOLD
Portsmouth Real Estate Partners Acquires 262-Unit Helmsman Community In Wilmington For $71.9M
3520 Park Avenue
See Similar DealsMultiFamily
Sold 10/15/2025
Summary
NORTH CAROLINA
Asset Type:MultiFamily
Transaction Type:Sale
The Helmsman is a 262-unit multifamily community located at 3520 Park Avenue in Wilmington, NC. The property was sold for $71.9 million, equating to a price per unit of $274,427. Walker & Dunlop facilitated a $47 million Fannie Mae acquisition loan for this transaction.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $71,900,000
- Buyer: Portsmouth Real Estate Partners
- Seller: LivCor
- Lender: Walker & Dunlop
- Units: 262
LivCor, a branch of Blackstone focused on multifamily assets, executed the sale of The Helmsman to Portsmouth Real Estate Partners. The acquisition involved replacing a prior construction note from First Horizon Bank totaling $42.3 million, marking a significant financing transition in the deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,834,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$255,445.51
Cash-on-Cash Return-1.27%
Monthly Debt Service$340,842.68
Annual Debt Service$4,090,112.18
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