FAYETTEVILLE PORTFOLIO – 324 UNITS
SOLD 4/14/2022 FOR $37,900,000
$116,975 per unit
Deaton Investment Real Estate represented the buyer and was the sole broker in this off-market transaction. This deal represented the purchase of 324 units across two assets including, Heather Ridge Apartments and North Crossings Apartments, both of which are located in the growing sub-market of Fayetteville, N.C. This offering provides a buyer the opportunity to increase profitability through strategic value-add improvements.
Built in 1974, Heather Ridge Apartments feature 204-units across a mix of one-, two-, and three-bedroom floorplans.
Built in 1986, North Crossings Apartments feature 120-units across a mix of one- and two-bedroom floorplans.
UNIT INFORMATION
| Unit | Type | Size | Rent |
|---|---|---|---|
| 37 UNITS (NC) | 1BD/1BA | 850 SF | $790-$840 |
| 83 UNITS (NC) | 2BD/2BA | 1,000 SF | $850-$950 |
| 48 UNITS (HR) | 1BD/1BA | 880 SF | $635-$800 |
| 90 UNITS (HR) | 2BD/1BA | 970 SF | $690-$920 |
| 50 UNITS (HR) | 2BD/1.5BA | 970 SF | $690-$940 |
| 16 UNITS (HR) | 3BD/2BA | 1,220 SF | $835-$1,040 |
PROPERTY INFORMATION
| PIN | 0530-87-7749, 0530-87-6137 |
| Tax Value | $13,462,500 |
| Taxes | $189,138.57 |
| Lot Size | 18.69 ACRES TOTAL |
| Year Built | 1974, 1986 |
| Exterior | VINYL |
| Floors | CARPET, VINYL, LVP |
| Foundation | SLAB |
| HVAC | CENTRAL AIR, HEAT PUMPS |
| Utilities | TENANTS PAY UTILITIES |
| Legal Description | LD PL0059-0059, 14.65 ACS HEATHER RIDGE APTS |
| Appliances | RANGE, REFRIGERATOR, DISHWASHER, W/D CONNECTONS |
| Sold Date | 2022-04-14 |
| Zoning | MR5 |
Agent Information Michael Deaton
Location Map
FAYETTEVILLE PORTFOLIO – 324 UNITS