KEYSTONE – 202 UNITS IN FAYETTEVILLE, N.C.

PRICE:
$ 23,675,000
STATUS:
Sold
ADDRESS:
425 Woodstream Trail, Fayetteville, NC 28314, USA
OVERVIEW:

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.

Link To Tax Records
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

Location Map

KEYSTONE – 202 UNITS IN FAYETTEVILLE, N.C.
Address: 425 Woodstream Trail, Fayetteville, NC 28314, USA Price: $ 23,675,000 Unit: 202