Pia Residential Gazes at $27M Autumn View Buy in Fayetteville
Pia Residential has acquired Autumn View, a 177-unit class B value-add garden-style multifamily community in Fayetteville, NC for $27.1 million. The seller was 10 Federal of Raleigh, NC.
The transaction was brokered for the seller by Alex McDermott with Charlotte-based Capstone Companies; financing was arranged by Newmark’s Brian Kochan.
The 14.5-acre complex will be upgraded with $1.5 million of interior and exterior capital improvements.
“Fayetteville is one of the hottest real estate markets in the US, and Autumn View is an attractive property in an excellent location,” said Saul Levy, managing partner-investments for Miami, FL-based PIA. Built in 2007, the low-rise community is “popular with workforce housing singles and military families seeking affordable, active residential living,” Levy added. The community is 20 minutes from downtown Fayetteville and near Fort Bragg and Pope Field, major employers such as the Goodyear Tire and Rubber plant, Cape Fear Medical Center and Fayetteville VA Medical Center.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.