East West Partners Acquires Luxury Townhome Site Near Wrightsville Beach

Wilmington, NC — East West Partners, in collaboration with Hardison Building Company, recently secured a 1.3‑acre parcel at 1729 Allens Lane, just minutes away from Wrightsville Beach. The property changed hands mid-July for $2.7 million and is slated for development of an upscale project called Villa Point, featuring 18 luxury townhomes organized in five three-story buildings.

Project Snapshot

• Location: Allens Lane, one of the last infill sites zoned for multifamily/residential development near Wrightsville Beach.
• Density & Layout: Eighteen dwelling units in five buildings (four units each except one), designed for high-end occupancy.
• Timeline: Site plans are already under review by the city, with construction expected to begin in summer 2025, starting with an initial phase of seven homes.

Why Villa Point Stands Out

• Strategically Zoned & Acquired: The site was pre‑zoned for multifamily use, allowing East West to bypass major rezoning hurdles and move quickly into development.
• Strong Local Partner: Hardison Building Co. brings deep experience in high-quality home construction in coastal Wilmington neighborhoods.
• Prime Coastal Location: Buyers will be within biking distance of Wrightsville Beach, with easy access to established coastal estates, restaurants, and riverfront parks.

Implications for Real Estate Stakeholders

• Emerging Luxury Submarket: As downtown Wilmington and coastal zoning tighten, demand for coast-adjacent townhomes remains strong among affluent professionals and legacy buyers.
• Premium Pricing Signals: Based on site context and comparable coastal builds, initial townhome pricing is expected to exceed $1 million—reflecting limited supply of turnkey luxury housing near the beach.
• Land Value Appreciation: The same land traded for just $1.2 million in 2021. Its sale at $2.7 million now underscores rapid value gains and investor confidence in coastal infill acreage.

What Comes Next

• Entitlement Watch: Observers will be tracking the city’s evaluation of design, parking, and infrastructure plans tied to Villa Point’s buildout.
• Phased Delivery: With seven units anticipated for phase one, early pre-sales and buyer offers can help shape capital yield models and pricing tiers.
• Broader Market Relevance: Similar small-acre infill parcels in coastal zones like Porters Neck or mid‑town corridors may now attract higher premiums following this deal.

Conclusion

Villa Point represents a rare example of luxury coastal infill developing quickly from acquisition to construction thanks to strong entitlements, design alignment, and developer credibility. For investors, developers, or capital allocators focused on Wilmington’s evolving housing tier, this project creates a real-time benchmark for coastal townhome ROI and market segmentation.