Portsmouth Real Estate Partners Acquires 262-Unit Helmsman Community In Wilmington For $71.9M

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.