615 South Kerr Avenue, Wilmington, NC 28403

Seahawk Cove Student Living

Purpose-Built Student Housing Investment Opportunity

615, 617, 619 & 623 S. Kerr Avenue | Wilmington, North Carolina

Listed at an In-Place 6% CAP, this property is priced to sell and has value-add potential.

Located just minutes from the University of North Carolina Wilmington (UNCW), Seahawk Cove Student Living presents a rare opportunity to acquire a modern, purpose-built student housing asset in one of North Carolina’s fastest-growing coastal markets. This 48-unit / 144-bed community offers strong in-place cash flow, demonstrated rental growth, and long-term upside supported by consistent university demand and limited competing supply.

Investment Highlights

48 Units | 144 Beds

Purpose-Built Student Housing

3 Bedroom / 3 Bathroom Floor Plans

Phase I Built in 2017 | Phase II Completed in 2023

Located Near UNCW Campus

Current Occupancy: ~87%

Modern Construction with Limited Near-Term CapEx

Strong Historical Leasing Performance

Attractive Opportunity for 1031 Exchange Buyers & Private Investors

Seahawk Cove was specifically designed to serve the growing UNCW student population with highly desirable three-bedroom, three-bathroom units that align with student rental preferences. The property benefits from an infill location near campus, convenient access to retail and dining, and proximity to Wilmington’s major employment and lifestyle amenities.

Financial Overview

Trailing 12-Month Performance (Mar 2025 – Feb 2026)

Listed at In-Place 6% CAP

The pro forma projections anticipate occupancy exceeding 92%, supported by strong pre-leasing activity and operational efficiencies already underway. Management has identified opportunities for additional NOI growth through strategic expense reductions and continued rent optimization.

Property Features

Residents benefit from:

Modern apartment finishes

Spacious floor plans

Surface parking

Outdoor recreational amenities

Basketball / sport court

Professionally maintained grounds

Student-focused community design

Wilmington & UNCW Market

Wilmington continues to experience substantial population and economic growth driven by healthcare, education, technology, tourism, and film production industries. UNCW remains one of the region’s strongest economic anchors, generating consistent student housing demand with limited nearby inventory available for acquisition.

The property is surrounded by major retail, dining, and student housing communities including Harris Teeter, Sam’s Club, PT’s Olde Fashioned Grille, Cook Out, and several competing apartment communities, reinforcing the strength of the surrounding submarket.