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5214 Browning Ln

Ryan Reyes Of Argyle Real Estate Capital Acquires 312-Unit Multifamily Asset In Leland For $58.7M
SOLDMultiFamily

Ryan Reyes Of Argyle Real Estate Capital Acquires 312-Unit Multifamily Asset In Leland For $58.7M

5214 Browning Ln

$58,700,000

$202/SF

Building Size

290,472 SF

Asset Type

MultiFamily

Closing

Jul 16, 2026

AI

The property asset involved in the transaction is a multifamily community known as the Exchange at Westgate, located at 5214 Browning Ln, Leland, NC. The property sold for $58.7 million and comprises a total of 290,472 square feet with 312 units, averaging 931 square feet per unit. The purchase price per square foot is $202, while the price per unit is $188,141.

Summary of transaction details:

The sale was facilitated by JLL, which managed the brokerage aspect and arranged acquisition financing. The transaction reflects strong demand in the fast-growing Wilmington metro area, indicated by the strategic positioning of the buyer to benefit from ongoing population growth and job expansion in the region.

Players

Brian Gaswirth

JLL

Broker

$6.3B

vol

45 deals

Broker
Ryan Reyes

Ryan Reyes

Argyle Real Estate Capital

Buyer
Buyer
David Hathaway

David Hathaway

Hathaway Companies

Seller
Seller

Browning MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.27%

Cash-on-Cash

-0.08%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93