DEVONWOOD – 22 UNITS IN FAYETTEVILLE, NC

SOLD 12/7/22 FOR $2,100,000
$95,545 per unit – on assumption of in-place debt

Deaton Investment Real Estate was the exclusive listing agent 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. Proven rents are north of $1,000 per month, while average rents of $869 are below-market. This represents more than $35,000 in organic upside annually.

The property is located in the West Cumberland County Submarket where the vacancy rate is only 4.4% as of June 2022. Additionally, rents in the area have increased by an impressive 11% in the past year. (source: Costar)