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:
- 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.
Players
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