PR Newswire
Fort Worth-based Olympus Property late last week announced the acquisition of Stone Gables, a 192-unit garden-style apartment community in Raeford, North Carolina, near outside of Fayetteville.
The property is well-positioned to capitalize on the region's stable military-heavy economy and steady population growth. Limited new supply and demand will continue to drive rent growth over the foreseeable future, which has increased 12.4% over the last year, according to the company.
“Stone Gables will be the second asset we've acquired in Fayetteville this year,” says Travis Bertetto, associate director of acquisitions at Olympus Property. "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 make this an excellent acquisition.”
Olympus Property also operates the nearby community Heights at MacArthur Park.
Stone Gables is 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 more than $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, which boasts more than one million square feet of retail space.
Completed in 2013, the Class A property features eight three-story apartment buildings spaciously situated on 12.83 acres. Olympus plans to further enhance the Class A property with an additional $1 million in capital over the next few years.
Olympus Property, established in 1992, has a portfolio currently valued at over $5 billion and representing approximately 22,700 units under ownership and management, according to the company, which is invested in 14 states.