A more than $59 million apartment project that ran up against numerous supply chain disruptions and a challenging permitting environment was completed last year in Wilmington, North Carolina, to add to the vibrancy of this section of the Barclay Midtown area.
Despite the challenges, the project experienced such a rapid lease-up pace that it has already achieved 90% occupancy, exceeding the average rate for comparable properties in the market, according to CoStar data.
For this reason, the Element Barclay Station received a 2024 CoStar Impact Award, which highlights the commercial real estate transactions and projects that have transformed their markets over the past year. The winners are chosen by independent panels of industry professionals who work in the markets they judge.
Element Barclay Station is a 286-unit, Class A multifamily complex located off Carolina Beach Road at 1841 Dusty Miller Lane. It is the second apartment complex developed by the North Carolina partnership of Charlotte's Childress Klein Properties and Wilmington-based Cameron Management.
About the Project: Element Barclay Station is walkable to movie theaters, restaurants and pubs, and is 15 minutes from Wrightsville Beach and 10 minutes to Wilmington's historic downtown. Amenities include a heated saltwater pool.
What the Judges Said: "This project took a great deal of vision and work to get through the hurdles of zoning, neighbor resistance," said Spruill Thompson, senior vice president with Cape Fear Commercial.
They Made It Happen: Bruce Cameron and William Cameron of Cameron Management, Fred Klein of Childress Klein and Amanda Propst of Greystar.