Investment Highlights

Strategic Location 1 Mile From Campus

Progress 910’s location was strategically selected as the site for a luxury property, specifically tailored to the UNCW market. Students have the ability to obtain daytime parking permits due to the property being located just one mile from campus. UNCW’s limited on-campus parking is only available to students living more than one mile from campus, lending Progress 910 a tremendous competitive advantage over other assets within the submarket. The property is also desirable to those without personal transportation – Progress 910 is located on the Seahawk Shuttle/Wave Transit bus stop, providing students transportation from their doorstep. Additionally, the property is conveniently located near shopping, recreation, dining, and nightlife. The asset’s strategic location has proven to be the absolute strongest and most convenient for UNCW students.

Unparalleled Asset Quality

Progress 910 has consistently led the market and is 100 percent occupied, offering superior asset quality compared to its closest competitors. This premier complex supplies its residents with the absolute finest accommodations in the Wilmington submarket. Progress 910’s quality of construction and design is completely unparalleled within the market.

17,000 Students and Growing

A highly-differentiated asset that is located near a strong, growing university, with sustained levels of robust demand and rental rate growth. The University of North Carolina Wilmington has approximately 17,000 students and is scheduled to enroll an additional 2,000 students by 2022. Rental rates for privately-owned housing are estimated to average over 3 percent, per year, for the next four years.

Best-in-Class Amenities

The property boasts market leading amenities, including a resort-style “zero” entry pool containing an in-pool sundeck and pool fountains. Progress 910’s purpose built amenities offer an abundance of outdoor activity space providing an inclusive community for students. Included in the outdoor areas are an oversized outdoor fire pit, hammock lounges, barbecue grills, a fenced dog park, and comfortable cabanas. Progress 910 also offers an incredible clubhouse with multiple lounge areas, a secluded cyber café study lounge, and a state-of-the-art fitness center.

Community Amenities

Property Photos

Best-in-Class Finishes

Progress 910 offers students of Wilmington the best-in-market finishes in every unit. Top-of-the-line interior finishes include a 40-inch flat screen TV, stainless steel appliance package, dark espresso cabinetry, contemporary pendant lighting, luxury vinyl wood grain tile throughout, sound-insulated walls, oversized walk-in closets, and a full-size washer and dryer in every unit. The property offers a diverse mix of open floor plans including two-, three-, and four- bedroom units with 100% bed to bath parity.

UNIT MIX

Floor Plans

AERIAL PHOTO

Phase II Land

8.48 Acres of Contiguous Land for Phase II:

Progress 910 offers a prime parcel of land adjacent to the existing community. The additional 8.48 acres of this parcel is connected directly to Phase I, immediately affording efficiencies and economies of scale to develop, at least, an additional 300 beds, garnering substantial additional revenue.

University of North Carolina Wilmington

The University of North Carolina Wilmington (UNCW) is a public university located in Wilmington, NC as part of the 17-campus UNC network. Widely acknowledged for its world-class faculty and staff and continuously recognized at a national level for scholarly excellence and affordability, UNCW offers a powerful academic experience that stimulates creative inquiry and critical thinking. Enrolling nearly 16,747 students as of Fall 2018, UNCW offers 55 bachelor’s degree programs, 35 master’s, and 4 doctoral degrees in educational leadership, marine biology, nursing practice and psychology. In 2019, UNCW ranked #15 on the U.S. News and World Report list of Best Regional Universities (South) and #6 in Top Regional Public Schools (South). The university has five graduate programs on the U.S. News & World Report list of 2019 Best Graduate Schools. UNCW is also a featured school in The Princeton Review’s list “2019 Best Regional Colleges: Southeast” and in the Fiske Guide to Colleges 2019, which highlights the nation’s “best and most interesting” colleges and universities.

City of Wilmington

Wilmington, North Carolina is a port city located in the coastal southeastern part of the state. Home to approximately 120,520 residents as of 2018, Wilmington is the largest city in southeastern North Carolina and the eighth largest in the state. The city is defined by Cape Fear, a charming historic district, lively arts scene, the University of North Carolina Wilmington, a major container seaport, the Battleship North Carolina, Gothic churches, riverfront shops, miles of pristine beaches, and some of the best restaurants along the coast.

Nestled between the Cape Fear River and Atlantic Ocean, Wilmington strikes an enviable balance between a casual lifestyle and global business opportunities. While retaining its small-town atmosphere, Wilmington’s robust business climate has attracted global corporations like GE Hitachi Nuclear Energy, Corning, Verizon Wireless, and the locally-originated PPD. Wilmington’s diverse economy is composed of several mainstays: tourism, filmmaking, contract research organizations (CROs), finance, retail, service, construction, education, government, arts and manufacturing. Entrepreneurial spirit has become a calling that has attracted many from across the country, prompting Fortune Small Business to rank Wilmington #14 in its rating of the Best Places to Launch a Business. Entrepreneurial efforts are supported by the University of North Carolina Wilmington Entrepreneurship Center, the Cape Fear Community College Small Business Center, the Small Business Technology Development Center, the Chamber’s Cape Fear Future initiative, Wilmington Downtown, Inc. and more.

Map of Wilmington, NC