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

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:

• Property Type: Multifamily
• Transaction Amount: $58,700,000
• Address: 5214 Browning Ln, Leland, NC
• Square Footage: 290,472
• Units: 312
• Price Per Square Foot: $202
• Price Per Unit: $188,141
• Buyer: Ryan Reyes - Argyle Real Estate Capital
• Seller: David Hathaway - Hathaway Companies
• Brokers: John Mikels, John Gavigan, Chase Monroe, William Martin, McCullough Campbell, Brian Gaswirth & Brad Woolard - JLL

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.