FAYETTEVILLE, NC—Capstone Apartment Partners arranged the $27.1 million sale of Autumn View: a 177-unit garden-style apartment community in Fayetteville, North Carolina. Located directly off Ramsey St, the property is proximate to several of the area’s major employers including Goodyear Tire, Fort Bragg, Cape Fear Valley Medical Center, and the VA Health Care Center.
Capstone’s Alex McDermott, Ron Corrao, Caleb Troop, and Thomas Colaiezzi sold the property on behalf of Raleigh-based 10 Federal Companies, who acquired the property in 2011. The buyer is PIA Residential, who plans to build upon the well-maintained nature of the asset with the goal of improving interiors and modernizing the complex.
Built in 2007, Autumn View is comprised of studio, one-, two, and three-bedroom units in 10 apartment buildings situated on 14.47 acres. The community’s amenity package features a swimming pool, fitness center, clubhouse, dog park, laundry facility, and picnic/grilling areas. Autumn View was approximately 96.6% occupied at the time of closing.