The bustling Mayfaire area of Wilmington, North Carolina, has seen a surge of new office and retail developments in recent years. One of the newest additions to the area's multifamily offerings has now earned a 2023 CoStar Impact Award.
Hudson Renaissance opened in May, two months after the projected opening date. The 198-unit luxury complex benefits from its location, with several acres of forestland on one side and the convenience of retail and offices on the other side.
The development's rental rates are $163 higher than the owner's projections and income has exceeded budget.
About the project: Hudson Renaissance sits on eight acres in the Renaissance Park mixed-use development in the growing Landfall/Mayfaire area of Wilmington. The apartments are near Wrightsville Beach and retail and dining offerings at Mayfaire Town Center and The Forum.
What the judges said: "With the tremendous population growth in the Wilmington market, the demand for upscale multifamily projects has grown as well," said Terry Espy, owner of MoMentum Cos. "This project serves our market perfectly."
The apartments are a "modern, market-appropriate product," said Karen Widmayer, principal at KW Communications.
"The forward-thinking design is very appealing and functional," said Spruill Thompson, senior vice president at Cape Fear Commercial. "It fits well with the surrounding buildings in this submarket."
They made it happen: GHK Cape Fear Development in Wilmington owns the complex. Bell Partners in Greensboro, North Carolina, is the property manager.