A multifamily investment and property management organization from Fort Worth, Texas has acquired The Heights at McArthur Park apartments in Fayetteville.
The Heights at McArthur Park is a 288-garden-style-unit that features a resort style pool with a sundeck and cabanas, fitness center, white sand volleyball court, business center, resident park with a playground, and an off-leash dog park.
The complex is located in close proximity to Fort Bragg and some of the region’s largest employers.
One of the newest acquisitions to Fayetteville, Amazon is currently building a 1.3 million-square-foot fulfillment center in Fayetteville’s Military Business Park, resulting in more than 500 full-time jobs to be created. This type of job growth will continue to support the increase in rent in the area.
"The Heights at McArthur Park is an exceptional asset in a market that is experiencing robust job growth,” said Acquisitions Manager Travis Bretetto. “The strong fundamentals of Fayetteville will make this a great acquisition for Olympus and breaking into a new market is always exciting."
Fayetteville has seen no new deliveries in the market since 2016, and with only two new projects underway, the vacancy rate for Fayetteville is expected to remain below four percent for the foreseeable future.
"The Fayetteville market has an extremely tight supply pipeline with nothing planned for development in the foreseeable future. These factors paired with strong rent growth will provide long-term upside for both our partners and firm," added Senior Managing Director Chase Bennett.
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