Olympus Property has successfully acquired Stone Gables, a 192-unit garden-style apartment community in Raeford, North Carolina
The property is strategically located close to some of the region’s most notable employers and is a stone’s throw from the Route 401 retail corridor which boasts over one million square feet of retail space.
Olympus Property already operates the nearby community Heights at MacArthur Park and plans to leverage its local presence in the Fayetteville market. “Stone Gables is 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. It features a robust amenities package including a 24-hour fitness center, resort-style pool and sundeck, detached garages, picnic and grilling areas, resident park with playground, and an 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.