Source: Olympus Property
RAEFORD, NC - Olympus Property announced the successful acquisition of Stone Gables, a 192-unit garden-style apartment community in Raeford, North Carolina, just outside of Fayetteville.
The property is strategically located in close proximity to some of the region's most notable employers such as Fort Bragg, one of the largest military bases in the world with a workforce of more than 60,000 and estimated economic impact of over $13 billion. Other major nearby employers include the VA Healthcare Centers, Goodyear Tire, and Walmart Associates. Stone Gables is also within five minutes of the 401 retail corridor, with over 1 million square feet of retail space.
The property is well-positioned to capitalize on the region's stable military-heavy economy and steady population growth. Limited new supply and pent-up demand will continue to drive rent growth over the foreseeable future, which has increased 12.4% over the last year.
Olympus Property, who operates the nearby community Heights at MacArthur Park, plans to leverage its local presence in the Fayetteville market. "Stone Gables will be the second asset we've acquired in Fayetteville this year. It's a beautiful property in a market that's experiencing strong rent growth paired with virtually no development pipeline. The positive market fundamentals and the economies of now having two properties makes this an excellent acquisition," notes Travis Bertetto, Associate Director of Acquisitions at Olympus Property.
Completed in 2013, the Class A property features eight three-story apartment buildings spaciously situated on 12.83 acres. The property features a robust amenities package including a 24-hour fitness center, resort-style pool & sundeck, detached garages, picnic & grilling areas, resident park with playground, and off-leash dog park. Unit interiors include nine-foot ceilings, full size washers/dryers, granite kitchen and bathroom countertops, black appliances, and private patios/balconies. Olympus plans to further enhance the Class A property with an additional $1 million in capital over the next few years which in turn will add significant long-term value for its Partners.