• Well-occupied asset with numerous quality amenities and features such as nine-foot ceilings, pool, volleyball court, outdoor kitchen, hot tub, renovated fitness center and clubhouse.
• Current owners recently upgraded 20 interiors and are successfully achieving higher rents. A new investor will benefit from bringing all units to the suggested elite renovation level. The average market rent per month post-renovation is $850, a post-renovation difference of $87.
• Additional investor benefits are achievable from a loss to lease burnoff by simply raising rents to align with the market. For example, Monarch at Liberty Pointe's two-bedroom Classic units are renting for a market rent average of $831 per month. This is $237 lower than the average of nearby competitors.
• Great location just off busy, growing U.S. 401/Ramsey Street (29,000 vehicles per day) at its intersection with I-295.
• Convenient to numerous large employers, such as Fort Bragg (52,000 jobs), Goodyear Tire & Rubber, Eaton, DuPont, and ITT. Additional employers and educational options are available at Methodist University (employs 525), and Fayetteville State University (employs 340 and has 5,500 undergraduate students), and the VA Medical Center.
• Within a one-mile radius of the property, the median housing value is $210,000 (49% higher than MSA avg.), and the population growth has seen a steady increase of 10.8% between 2010-2017, it is projected to continue to grow by 6.4% over the next five years.
• Recent announcement of minor league Houston Astros baseball team to Fayetteville along with new $33M stadium.
• It was recently announced that the United States government has increased their military spending by 15.5% to $94 million. Fort Bragg could benefit significantly, as it remains the military's largest installation and accounts for about 40% of the local economy.
