Ginkgo Residential has acquired The Preserve at Pine Valley, a 219-unit garden-style apartment community in Wilmington, NC, for $32.1 million in an all-cash transaction. Built in 1974, the property aligns with Ginkgo’s value-add strategy, which focuses on the preservation of workforce housing through curb appeal, replacement of aged infrastructure elements, amenity enhancements, and interior renovations. The acquisition was completed in a joint venture between Ginkgo REIT Inc. and J.P. Morgan Real Estate Income Trust, Inc. (JPMREIT).
“We remain actively engaged in identifying value-enhancing opportunities for shareholders and anticipate an accelerated acquisition pace this year, with a looming wave of multifamily loan maturities in 2025” said Bill Green, Co-CEO and Principal of Ginkgo Residential.
Located in the heart of Wilmington, the property benefits from strong demographic tailwinds. The city was the 6th fastest-growing MSA in the U.S. from 2020 to 2023, adding roughly 30 new residents per day. Over the next five years, Wilmington is projected to grow by another 10,000 residents annually. Employment has also surged 13.6% over the past five years, more than double the 5.2% national average.
“This acquisition is a prime example of our strategy in action—identifying well-located, underperforming assets where we can create meaningful value for both residents and investors,” said Kiel Bollero, Director of Acquisitions at Ginkgo Residential.
The property will be owned within Ginkgo REIT Inc., which has delivered an 11.8% annualized total return since its inception in July 2019. The REIT aims to provide investors with stable, tax-efficient income and long-term capital appreciation.
“We remain actively engaged in identifying value-enhancing opportunities for shareholders and anticipate an accelerated acquisition pace this year, with a looming wave of multifamily loan maturities in 2025” said Bill Green, Co-CEO and Principal of Ginkgo Residential.
Located in the heart of Wilmington, the property benefits from strong demographic tailwinds. The city was the 6th fastest-growing MSA in the U.S. from 2020 to 2023, adding roughly 30 new residents per day. Over the next five years, Wilmington is projected to grow by another 10,000 residents annually. Employment has also surged 13.6% over the past five years, more than double the 5.2% national average.
“This acquisition is a prime example of our strategy in action—identifying well-located, underperforming assets where we can create meaningful value for both residents and investors,” said Kiel Bollero, Director of Acquisitions at Ginkgo Residential.
The property will be owned within Ginkgo REIT Inc., which has delivered an 11.8% annualized total return since its inception in July 2019. The REIT aims to provide investors with stable, tax-efficient income and long-term capital appreciation.
