IRR-Wilmington Mid-Year Viewpoint 2015 Local Market Report - Multifamily
The Greater Wilmington multifamily market is strong. Vacancy has trended downward, and is currently sub-5% overall. The market is in balance, and new construction is occurring in urban and suburban market segments. Buccini/Pollin Group completed construction of Harlan Flats in the Riverfront urban submarket, delivering 116 units in early 2015.
In the second half of 2015, we anticipate Buccini/Pollin Group will complete construction of 74 units in the 600 block of Market Street. Woodlawn Trustees, in collaboration the Todmorden Foundation, is embarking on a $100 million plan to redevelop their existing Flats neighborhood on the west side of Wilmington.
The community consists of 450 units that will be redeveloped in phases over a 10 year period. In the suburbs, Capano completed construction of 240 units at Reserve at Becks Pond and will be constructing 281 units (plus 18,000 SF of retail space) at Darley Green. Reybold Homes is completing the build out of 220 units at Meridian Crossing as well as rental townhouses at their St. Andrews community. New construction is keeping rental growth in check with inflation. Buccini/Pollin Group recently announced they will construct a 221-unit apartment community with 500 subsurface parking spots at the site of the former Midtown Parking Garage as part of their continued development of apartment units in the Wilmington CBD market.
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IRR Mid-Year Viewpoint 2015 comprises a National Overview report and 300+ two-page Local Market Reports for all key property types as well as additional resources, including metrics methodology, graphs, and tables; these free reports may be downloaded from IRR’s site here.