Waterleigh-at-Leland

Mark Boyce

Managing Director (843) 628-3765 mark.boyce@berkadia.com

JOHN BRAY

Senior Managing Director 404.654.2595 john.bray@berkadia.com

Richard Levine

Senior Managing Director 404.654.2590 richard.levine@berkadia.com

Josh Finley

Director 404.654.2594 josh.finley@berkadia.com

Thomas Colaiezzi

Director (704) 565-9391 thomas.colaiezzi@berkadia.com

Blake Coffey

Senior Director (843) 628-3766 blake.coffey@berkadia.com

Matt Robertson

Associate (919) 812-3174 matthew.robertson@berkadia.com

CALEB TROOP

Managing Director (980) 208-1668 caleb.troop@berkadia.com

MORTGAGE BANKING

INVESTMENT ADVISORS

Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada. © 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.

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Unit Amenities

Spacious, Open Floor Plans Beautifully Appointed with High-End Finishes Including Stainless Steel Appliances, Glass-Top Range, Wood-Style Flooring, Granite-Style Countertops, Shaker-Style Cabinetry, Tiled Kitchen Backsplash, Undermount Sink with Gooseneck Faucet, and Recessed Lighting Modern Kitchen with Electric Stove, Refrigerator, Dishwasher, Built-In Microwave, Kitchen Island / Breakfast Bar with Pendant Lighting (In Most Units), and Plenty of Cabinet and Counter Space Plush Bedroom Carpeting, Lighted Ceiling Fans, and Mini Blinds Full Size Bathroom with Tub and Shower Combination Above Standard Ceiling Heights, Large Windows, and Walk-In Closet Private Patio / Balcony with Glass Paneled Doors In-Unit Washer and Dryer Select Units Include a Double Sink Vanity

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Resort-Style, Saltwater Swimming Pool with Sundeck, In-Pool Tanning Ledge, Poolside Covered Patio with TV and Fireplace Lounge Area, and Grilling Stations Resident Clubhouse with Lounge Area, Catering Kitchen with Bar Seating, TV, and Gourmet Coffee Bar 24-Hour Fitness Center with Cardio and Weightlifting Equipment, Free Weights, and Spin and Yoga Room Conference Room and Private Workspace Pickleball Court Two Dedicated Dog Parks and Pet Spa Elevator Professional, On-Site Management and Responsive Maintenance Parcel Pending Package Lockers Valet Trash Removal Exclusive Resident Events Bicycle and Kayak Storage Barn Plenty of Convenient, On-Site Parking, Electric Car Charging Stations, and Individual Detached Garages Available Lushly Landscaped with Manicured Grass, Young Trees, Palm Trees, and Plants Online Resident Portal Within Walking Distance of Grocery Store and Restaurants Close to Parks, Trails, Rivers, Golf Courses, Schools, Retail Stores, and Entertainment Options Convenient Access to Interstate 140, U.S. Highway 17, Wilmington, Public Transportation (Wave Transit Bus Line), Wilmington International Airport, and University of North Carolina Wilmington

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Community Amenities

96 one-bedroom units measuring between 612 and 737 square feet 128 two-bedroom units measuring between 1,038 and 1,085 square feet 24 three-bedroom units measuring 1,230 square feet each Average unit size of 959 square feet

Unit Mix

Property Description

Class:

248

# of total units:

garden-style

Style:

multifamily

Type:

Waterleaf At Leland

Neighborhood:

7 miles west of Downtown Wilmington

Distance from Downtown:

nestled in a wooded area near the intersection of W Gate Dr and Ocean Gate Plaza, just south of Ocean Hwy E

Location:

Year built:

2021

Year Built

13 (plus a leasing office / clubhouse)

# of total buildings:

two, three, and four story

# of stories/floors in each building:

brick and siding

Exterior building materials:

pitched roofs with composition shingles

Roof type:

15.91 acres

Acres of land:

15.59 units per acre

Density:

yes

Pets allowed:

Waterleigh at Leland has demonstrated impressive and stable operational efficiencies over the summer months. From June 2023 to September 2023, effective rents increased by over 5% while maintaining an average physical occupancy of 97% with virtually non-existent bad debt. New ownership will benefit from inheriting healthy existing operations on day one. Furthermore, first generation lease-up rents have increased over 18% from December 2021 to November 2023.

Strong Operational Performance

Proximity to Lifestyle and Employment Nodes

Strategically situated minutes from US-74, Waterleigh at Leland offers tenants seamless connectivity throughout Wilmington MSA.

Proven Multifamily Developer with Extensive Track Record

Graycliff Capital Partners, the original developer of the asset, is a development and investment firm focused primarily on multifamily assets across the Southeast. Since its founding in 2010, Graycliff has developed an extensive track record of Class A multifamily projects throughout the Carolinas Coastal Region. Totaling north of 3,500 units completed and under construction, the Greenville, SC company has emerged as a regional leader building quality product in high barrier to entry markets. Since acquiring from Graycliff in 2021, Mesos Capital has benefitted from owning a top-tier construction quality asset.

Unique Opportunity to Acquire Class A Luxury Product

Waterleigh at Leland offers investors an opportunity to acquire fully amenitized Class A product in the booming Wilmington submarket, Leland. Appealing to the rent by choice demographic, new operators are well positioned to capitalize on the market’s recent growth trends. Effective rents in the market are north of $1,500, which has trended up 3.5% year-over-year. More importantly, there is an approximate 22% rent/unit spread between Class A and B product, which clearly shows the demand for high-quality luxury rental housing across the MSA.

Investment Highlights

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7410 Cordoba Circle | Leland, NC 28451

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New Developments / Corporate Expansions

2A)

EV Battery Announcement: Epsilon Advanced Materials recently announced plans to expand into Brunswick County by way of constructing a $650M graphite anode manufacturing plant just five minutes from the asset. The 1.5 million-square-foot facility is expected to create over 500 jobs with an average salary of approximately $52,000. While based in Mumbai, India, EAM’s expansion plans into Brunswick County are a product of the U.S. – India Strategic Clean Energy Partnership formed in 2021. Once fully operational in 2026, the plant will produce enough graphite to power 850,000 electric vehicles per year. Wilmington Port: Limited by lack of positioning, room for railroad cars, and not enough storage space for containers, the North Carolina State Ports Authority is taking the final step toward a major expansion project at its Wilmington location. Targeting cargo growth and economic development, the port’s new intermodal facility is located within seven miles of the asset. This facility will be designed to divert more than 250,000 container boxes from trucks to rail over the next decade.

• $22.6 million investment • Breaking ground: January 2024 • Completion date: Spring 2025

Major Employers

Novant Health: Novant Health is a not-for-profit integrated system of 15 medical centers and more than 1,900 physicians in over 800 locations, as well as numerous outpatient surgery centers, medical plazas, rehabilitation programs, diagnostic imaging centers and community health outreach programs. In Wilmington specifically, the Novant Health New Hanover Regional Medical Center (NHNHRMC) is a critical access hospital in Wilmington that has been a part of the community of 1967. 8,400+ employees throughout the Wilmington MSA 800 beds at NHNHRMC 18-minute drive to NHNHRMC

2B)

University of North Carolina Wilmington: The University of North Carolina Wilmington (UNCW or UNC Wilmington) is a public research university in Wilmington. It is a part of the University of North Carolina System. UNCW experience integrates teaching and mentoring with research and service, preparing students for post graduate life. UNCW is a nationally recognized large public doctoral university. 2,500+ employees 17,843 student enrollment 661 acres $1 billion+ annual economic impact 19-minute drive

Cape Fear Community College Cape Fear Community College is an open-door, multi-campus comprehensive community college that strengthens the academic, economic, social, and cultural life of citizens of New Hanover and Pender counties. 1,000+ employees 14,353 total enrollment 150 acres 10-minute drive

Corning, Inc. Corning operates the first optical fiber manufacturing facility in Wilmington and acts as the epicenter of telecommunications development. 18-minute drive 1,000+ employees

GENERAL ELECTRIC HITACHI NUCLEAR FUEL/AIRCRAFT General Electric Hitachi (GEH) is a world-leading provider of advanced reactors, fuel, and nuclear services. GEH operates a training facility in Wilmington. 1,750+ employee 17-minute drive

yes

Smoke free:

Two Man-Made Lakes

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