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Olympus Properties Acquires $42M Raeford Multifamily Community
Capstone Apartment Partners has closed the $41.9-million sale of Stone Gables, a 192-unit, garden-style apartment asset in the Fayetteville, NC suburb of Raeford. The property was 99% occupied at sale.
Caleb Troop, Alex McDermott, Austin Green, Thomas Colaiezzi, Jourdan Sullivan and Travis Cundiff of Capstone represented the seller, Maxus Realty Trust. The buyer, Olympus Property, purchased another Fayetteville community, Heights at McArthur Park, in March.
The 2013-constructed Stone Gables sits on 12.87 acres surrounded by some of the region’s most prolific employers, such as Fort Bragg, and is proximate to multiple Class A retail and amenity options.
“Stone Gables offers a premier investment opportunity with an excellent location, positive multi-family fundamentals, and a significant value-add opportunity,” said Troop. “Additionally, the asset is located in one of the top submarkets in the state of North Carolina for multi-family fundamentals and demographics, with a robust 12%+ rent growth year over year.”
- ◦Sale/Acquisition
