Blackstone’s multifamily arm traded this property after bringing it online last year.
LivCor, Blackstone’s multifamily arm, has sold The Helmsman, a 262-unit asset in Wilmington, N.C., for $71.9 million or $274,427 per unit, according to Yardi Matrix data.
Portsmouth Real Estate Partners purchased the property, while Walker & Dunlop issued a $47 million Fannie Mae acquisition loan, the data provider shows. Previous debt consisted of a $42.3 million construction note issued by First Horizon Bank in 2022.
The Helmsman, formerly dubbed Flats at Hanover Center, changed hands once more during its predevelopment days. The project was initially under Preferred Apartment Communities’ ownership. Blackstone acquired that company for $5.8 billion in 2022…