DEVONWOOD – 22 UNITS IN FAYETTEVILLE, NC (2021)

SOLD 9/8/21 FOR $1,400,000
$63,636 per unit

Deaton Investment Real Estate was the exclusive listing firm and the sole broker in this transaction.

Devonwood Apartments, located in the Westover neighborhood of Fayetteville, represent a portfolio of eleven, contiguous duplexes and one vacant lot.  Built between 1980 and 1981, these 22 units are all one-story, two-bedroom and two-bathroom floorplans with ranges, refrigerators, dishwashers, and washer and dryer connections. The current owner has maintained the asset well, but current rents are below-market at an average of $663. There is a great opportunity to add value and capture income upside with strategic improvements.

The West Cumberland County Submarket has seen the vacancy rate fall to 4.1% while rents have increased by an impressive 7.4% in the past year. The average two-bedroom rent in the submarket is over $900 and there is only one multifamily development in the pipeline for Fayetteville. This 1.8% expansion to the overall inventory will keep supply-side pressure at a minimum (source: CoStar).