Leland’s premier luxury apartment community, Exchange at Westgate, trades hands for $58.7M

RALEIGH, July 16, 2026 –  JLL Capital Markets announced today that it has secured the $58.7 million sale of Exchange at Westgate, a 312-unit luxury multifamily community in Leland, North Carolina.

JLL worked on behalf of the seller, Hathaway Companies. The buyer was Argyle Real Estate Capital. JLL Capital Markets also sourced the acquisition financing on behalf of Argyle Real Estate Capital.

Exchange at Westgate, located at 5214 Browning Ln., sits in the heart of Leland within the Wilmington metropolitan area, one of the nation's fastest-growing regions. Brunswick County, where the property is located, ranked as the 14th fastest-growing county in the United States between 2020 and 2024, with population growth of 22.3 percent. The Wilmington metro area was named the top destination for movers in the U.S. in 2024 by United Van Lines, with 83 percent inbound migration.

The property offers convenient access to downtown Wilmington, located just 12 minutes away, providing residents with proximity to a thriving coastal economy, beaches, entertainment venues and major employment centers. The area features average household incomes exceeding $115,000 within a three-mile radius, creating strong demand for quality rental housing as homeownership costs in the market average over $2,400 per month.

Completed in 2023, Exchange at Westgate features studios, one-, two- and three-bedroom apartments averaging 931 square feet. The community offers resort-style amenities including a saltwater pool, fitness center, cyber cafe, clubhouse and outdoor grilling areas. Unit interiors feature granite countertops, stainless steel appliances, wood-style flooring and full ceramic tile backsplashes.

The property sits within a highly amenitized location with immediate access to retail, dining and entertainment options. Major nearby developments include a 3.2 million-square-foot Amazon fulfilment center and a $650 million Epsilon graphite manufacturing facility, together representing over $680 million in capital investment and more than 2,000 jobs.

JLL Capital Market’s Investment and Sales Advisory team representing the seller was led by Managing Directors John Mikels and John Gavigan, Director Chase Monroe, Senior Associate William Martin and Analyst McCullough Campbell. Senior Managing Director Brian Gaswirth and Director Brad Woolard secured the financing.

"Exchange at Westgate represented a rare opportunity to acquire a newly constructed, institutional-quality asset in one of the Southeast's most dynamic growth markets," said Mikels. "The property's location in Leland positions investors to capitalize on the Wilmington metro area's exceptional population growth, strong demographics and expanding employment base driven by significant corporate investments in the region."

The Wilmington MSA has added more than 224,000 residents since 2010, representing 46.8 percent population growth. The region benefits from North Carolina's 2.25 percent corporate income tax rate, the lowest in the United States, along with the Port of Wilmington, the state's largest seaport, and Wilmington International Airport, which serves over 1.5 million passengers annually.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. JLL Capital Markets has more than 3,000 specialists worldwide with offices in nearly 50 countries.

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JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 113,000 as of March 31, 2026. For over 200 years, clients have trusted JLL, a Fortune 500® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.

Hathaway Companies is a full-service real estate enterprise that has operated in the Southeast for more than 30 years. The company has created over $1 billion in assets through its Hathaway Development, Hathaway Construction Services, Lynx Capital and Evolve Property Management subsidiaries.

Argyle Real Estate Capital is a vertically integrated real estate investment firm based in Tampa, Florida, focused on the acquisition and repositioning of core-plus and value-add multifamily assets in primary and secondary markets throughout the United States. The firm's founding principals have more than 30 years of combined experience in real estate private equity, real estate law and investment banking and have collectively acquired $3.5 billion in assets throughout their careers.