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Sold! Nesbitt Courts for $1.62 million to a Wilmington-based real estate company

READ MORE: Sold! Nesbitt Courts for $1.62 million to a Wilmington-based real estate company

WILMINGTON, NC (WWAY) -- Nesbitt Courts is a prime piece of real estate, but it has been a tough sell. The Wilmington Housing Authority's Acquisition Committee recently put the former housing project on the market giving potential buyers 30 days to make an offer.

Eight bids were examined on Wednesday, including a bid from Walter Pancoe who made an offer in December. That bid was declined due to insufficient funding. Pancoe's bid on Wednesday was the lowest of the eight. The recommended bid came from the Biltmark Corporation. It's a $1.62 million offer.

"It's an offer with no contingencies," WHA CEO Michael Krause said. "I think the board was sensitive to the timing of when this will close, because we've been committed and obligated to make a decision in regard to the future use of this property. I think that offer was clearly superior to the others. We'll take that million and a half dollars and turn it into another successful project and do more affordable housing."

Biltmark is based in Wilmington. Its main office on 3rd Street is just a block away from Nesbitt Courts. Biltmark manages and owns several commercial real estate properties throughout the Carolinas.

HUD will review the recommendation. If its gives a thumbs up, Nesbitt Courts will be sold within a matter of weeks. Biltmark has requested a 20-day closing. Its plans for the property are currently unknown.

In an odd twist WWAY spotted Pancoe leaving the Biltmark Corporation just minutes after the WHA awarded the recommendation for Biltmark.

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