Page 12
January 22 - February 4, 2021
wilmingtonbiz.com
Greater Wilmington Business Journal
| REAL ESTATE |
Apartment market remains robust BY CECE NUNN ilmington’s apartment market is a seasonal one, more so than any other market in the state, according to developer Porter Jones of DPJ Residential.
W
RENDERING C/O PORTER JONES
Almost done: A rendering shows The Flats on Front in downtown Wilmington, an apartment complex nearing completion.
Jones developed one existing apartment complex in Wilmington, Mayfaire Flats, and has two others in the works, The Flats on Front in downtown Wilmington and 17 Social on South 17th Street. “The peak leasing season in Wilmington is late spring and early summer and the winter months are the low leasing months,” Jones said Jan. 8. “In the peak months, we typically average around 20 to 30 leases per month but can have months during the winter season with less than 10 leases per month.” Because of the coronavirus pandemic, 2020 was a bit abnormal,
Jones said. Spring saw less leasing, while fall ended up being stronger than usual. “So far, this winter has been fairly slow but in line with previous years,” Jones said. As growth in the region continues, apartments remain on the rise throughout the Wilmington area, with more units on the way. Adam Sosne, CEO of McAdams Homes, has developed over 1,000 apartments in the Wilmington area in the past 10 years and is working on more up-and-coming projects. For one of the company’s most recent developments, site work has begun on the 192-unit apartment component of The Landing at Lewis Creek off Gordon Road. McAdams Homes is also finishing the single-family portion of The Landing at Lewis Creek. For Sosne, building a certain type of product when it comes to
