Based on input from the lender, the general contractor, the property management team and others, Bishop Creek Apartments will consist of 144 total units in six buildings, including 12 studios, 36 1-bedrooms, 84 2-bedrooms, and 12 3-bedroom apartments.  In addition, we will build 40 garages that will each rent for an additional $100 per month. And in keeping with the amenities offered by similar quality complexes in the area, we will have a coin-operated car wash facility on the property.

Here is a quote from the recently completed Market Study:

“Project amenities will consist of an attractively designed clubhouse containing a media/party
room  with  kitchen/bar,  offices,  business  center,  a  24  hour  fitness  room  with  exercise
equipment, men’s and women’s  bathrooms and central mailbox location.  A large swimming
pool with spacious decks and grilling areas will further serve the recreational needs of the
residents.  The property will also have an outdoor basketball court and a playground area near
the family buildings (2BR / 3BR combinations). There are no other apartment complexes that
compare with the proposed subject in the Surf City area.”

Here’s a sample of what an actual apartment will have included:

“The two bedroom and two bath unit has an open living area approximately 12’ x 14’, an 8’ X 10’ kitchen  area,  a  9’  x  13’  dining area,  a  12’  x  9’  bedroom  area  and  a  14’  x  10’  bedroom  area (measurements approximate). All units have 9’ ceilings. The dining area includes a built in desk. The  kitchen  is  fully  equipped  with  a  double  stainless  steel  sink  with  garbage  disposal, dishwasher, range/oven with microwave vent-a-hood combination, and a frost-free refrigerator with ice maker.  There is a laundry closet off of the entrance hall which houses the full size washer/dryer units and storage closet. Both bedrooms have a walk in closet and have a separate entrance to a full bathroom, one with a garden tub, and are finished with good quality fixtures. A patio or balcony is located off of the living room. There are ceiling fans in the living areas. The entire unit is finished in carpet, textured/painted walls and ceiling, and high quality linoleum floors in the kitchen, bath and entrance way. The metal, exterior doors have separate entrances to each unit. Each unit is approximately 996 rentable square feet. And because of the expected number of military families joining the community, there is a large storage closet in each unit
designed for military deployment gear. These units will rent for $925 a month.”

Here’s a quote on job growth:

“Job  growth  is  expected  to  increase  dramatically,  due to the expansion of the military
installations of Camp Lejeune, New River Air Station in Jacksonville, NC and Cherry Point Marine
Air Station in New Bern, NC.  Military officials are estimating about 40,086 more people will move into eastern North Carolina between 2006 and 2011 as part of the troop surge and will include troops, dependents, civilian workers and their families. This is in addition to the normal projected demographic growth of approximately 25,157 people in the same geographic area during the same time period.”

And again:

“Pender is a fast growing county and well positioned for growth, both individually and as a part of the Cape Fear region. For these reasons, there is an emerging trend from an agricultural toward a  light  industrial  economic  base.  Pender  County  is  host  to  three  industrial  parks  and  two industrial  corridors,  which  are  strategically  located  for  the  new  and  expanding  industry. Because of the geographical limitations of physical boundaries in Wilmington, New Hanover County, the expansion must occur to the north in Pender County.”

Of course, there’s lots more in the full report, but I’ll leave you with one of their concluding paragraphs:

“Based upon the demand factors developed for the next five years on the previous pages, and
the data included in Exhibit A and in the Addenda of this report, this market is poised for steady
employment and household growth.  Demand for housing and multi-housing units will see
growth in this market area over the next five years.”

Also, don’t miss our previous post on the strength of the North Carolina business climate.