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Magma Erupts with $24M Fayetteville Multifam Buy, Charlotte Office Addition
Magma Equities, in joint venture with Prudent Growth Partners, has acquired Keystone Apartments, a 202-unit multifamily community in Fayetteville NC, in an off-market transaction for $23.7 million.
In addition, to facilitate its continued growth in the Southeast and establish more operational oversight as the firm grows its local portfolio, Magma has opened a regional office in Charlotte under the direction of Chris Herrlinger, director of asset management.
Keystone is the firm’s 18th acquisition in the state over the past four years and its third acquisition in NC this year.
Constructed in 1974 and renovated in stages from 2018 through 2021, Keystone’s one- and two-bedroom apartment homes are housed in 28 two-story residential buildings on a low-density 19.13-acre site.
The Magma-led JV plans to spend $1.5 million renovating units and improving the common areas to better position the property to compete in this submarket, which continues to draft off of the growth in Raleigh-Durham.
- ◦Sale/Acquisition
