AMELIA DRIVE – 18 UNITS IN FAYETTEVILLE, NC

SOLD 12/7/22 FOR $3,000,000
$166,667 per unit – on assumption of in-place debt

Deaton Investment Real Estate was the exclusive listing agent and sole broker of Amelia Drive apartments, a boutique, 18-unit, class-A apartment community in Fayetteville, N.C. Originally built to be sold as condos, the property features covered parking on the ground floor, an elevator, huge floorplans (1,350 and 1,750 SF), and high-quality finishes. The site is also large enough to accommodate the construction of additional units.

The boutique, luxury asset is in the core of Fayetteville, just two miles west of downtown and two miles east of Cape Fear Valley Medical center. The well-connected location is conveniently surrounded by multiple dining, retail, entertainment, and employment centers, including Fort Bragg.

Surging rents in Fayetteville coupled with conservative rent policies from prior ownership place current rents well below market and create tremendous organic income-upside of more than 30%. The submarket boasted 14.4% rent growth over the last year and a vacancy rate of only 3.4% at the end of Q1 2022. With limited supply in the construction pipeline, these strong fundamentals will continue to support Amelia’s increasing income trend.