KEYSTONE – 202 UNITS IN FAYETTEVILLE, N.C.
SOLD 4/20/2022 FOR $23,675,000
$117,203 per unit
Deaton Investment Real Estate represented the seller and was the exclusive listing broker in this off-market transaction. This deal represented the purchase and sale of Keystone Apartments, a 202-unit apartment community located in Fayetteville, N.C. The asset is located off Cliffdale Road in western Fayetteville, conveniently surrounded by multiple dining, retail, entertainment and employment centers, including Fort Bragg. Keystone offers investors an opportunity to acquire a property with a proven value-add program in a market with surging organic rent growth.
The West Cumberland County Submarket boasted 14.1% rent growth over the last year and a vacancy rate of only 2.8% at the end of Q3 2021. With limited supply in the construction pipeline, Keystone’s increasing income trend will be bolstered by these strong market fundamentals.
UNIT INFORMATION
| Unit | Type | Size | Rent |
|---|---|---|---|
| 32 UNITS | 1BD/1BA CLASSIC | 660 SF | $775 AVG. LEASE CHARGES |
| 32 UNITS | 1BD/1BA RENOVATED | 660 SF | $895 NEW LEASE CHARGES |
| 44 UNITS | 2 BD/1.5 BA CLASSIC | 960 SF | $875 AVG. LEASE CHARGES |
| 94 UNITS | 2 BD/1.5 BA RENOVATED | 960 SF | $995 NEW LEASE CHARGES |
PROPERTY INFORMATION
| PIN | 0407-66-8195 |
| Tax Value | $7,761,600 |
| Taxes | $111,080.37 |
| Lot Size | 19.13 ACERS |
| Year Built | 1974 |
| Exterior | WOOD |
| Floors | CARPET, LVP |
| Foundation | SLAB |
| HVAC | CENTRAL AIR; ELECTRIC FORCED AIR HEAT |
| Utilities | OWNER PAYS WATER |
| Legal Description | 19.13 ACS MORGAN, MARSH & EVANS LD |
| Appliances | RANGE, REFRIGERATOR, MICROWAVE, WASHER & DRYER CONNECT (VARIES BY UNIT) |
| Sold Date | 2022-04-20 |
| Zoning | MR5 |
Agent Information Michael Deaton
Location Map
KEYSTONE – 202 UNITS IN FAYETTEVILLE, N.C.
