October 28, 2021 – Middleburg Communities, a Vienna, Virginia-based real estate investment, development and management firm announces the $63.8 million sale of Mosby at Riverlights, a 250-unit Class A apartment community at 4027 Watercraft Ferry Avenue in Wilmington, NC, developed by Middleburg Communities and completed earlier this month. The buyer was RAS Realty Partners, a full-service firm with management, investment and development divisions headquartered in Boca Raton, Florida. RAS will be updating the name of the property to ‘Oasis at Riverlights’ to coincide with a new branding initiative for the asset.
“Mosby at Riverlights was designed to take full advantage of the remarkable setting within the Riverlights master planned community, steps from the Cape Fear River,” said Middleburg Communities Chief Investment Officer, Kory Geans.
Mosby at Riverlights features large one, two and three-bedroom homes centrally located within Riverlights and a short drive from Wilmington’s popular downtown district and award-winning Riverwalk. The community has resort-style amenities, including a pool with outdoor cabanas, an 8,000 square foot, two-level clubhouse with terraces, outdoor kitchen with grilling areas and upscale interiors including granite countertops, hard-surface plank flooring, designer lighting and stainless steel appliances within modern, open floorplans.
“As long-term owners focused on adding value to our surrounding areas, RAS is excited to include ‘Mosby at Riverlights’ to our expanding portfolio of Class A properties. We anticipate a tremendous amount of growth in the Wilmington submarket, and are looking forward to developing a strong presence in the area for years to come,” said RAS Managing Partners, Michael Heller and
About Middleburg Communities
Middleburg Communities is a fully integrated multifamily development, investment, construction and management company operating in the southeastern and mid-Atlantic United States. Since 2004, Middleburg has acquired and developed more than 21,000 apartment units, executing over $3 billion in transactions. The Middleburg team shares a vision for greater value creation through community impact. The firm’s success is rooted in a genuine desire to serve its local communities in thoughtful and holistic ways. Middleburg embraces people, property, and partnerships to enhance the lives of others, contribute positively to its neighborhoods and maximize real returns for partners. For more information, please visit www.MiddleburgCommunities.com.
About RAS Realty Partners
Award-winning RAS Realty Partners is a real estate investment and opportunity fund headquartered in Boca Raton, Florida. A full-service firm with management, development and brokerage divisions, RAS specializes in multifamily assets, concentrating activity in metropolitan areas in the Southeast region, as well as considering attractive acquisitions in other regions which meet its investment guidelines. Founded in 2014, RAS Realty Partners has created a diversified portfolio of well-located, quality class A & B middle-market properties at a low-cost basis, representing over $300 million in assets under management. For more information, please visit www.RASrealtyartners.com.