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By Cece Nunn, posted May 14, 2021
An investment firm bought a small apartment complex consisting of The Pearl, The Mini Pearl and The Jewel in downtown Wilmington. (Photo courtesy of Cape Fear Commercial)
A real estate investment and development firm with properties in New England recently purchased a downtown Wilmington apartment community.
The Pearl Apartments, a more than 80-unit complex made up of three buildings, sold on April 29 for $11.5 million, according to a news release from Wilmington-based commercial real estate firm Cape Fear Commercial.
The buyer was Pearl & Jewel LLC, an entity controlled by Bush Watson, which describes itself as a firm that acquires, repositions, and enhances the value of multi-family and mixed-use residential properties, according to the company s website.