FAYETTEVILLE, NC—Capstone Apartment Partners has closed the $41.9 million sale of Stone Gables, a 192-unit, garden-style apartment asset in the Fayetteville, North Carolina suburb of Raeford. Situated at 900 Stone Gate Drive, the 12.87-acre asset is surrounded by some of the region’s most prolific employers, such as Fort Bragg, and is proximate to multiple Class A retail and amenity options for residents to enjoy.
The Capstone Carolinas brokerage team of Caleb Troop, Alex McDermott, Austin Green, Thomas Colaiezzi, Jourdan Sullivan, MAI, and Travis Cundiff sold the asset on behalf of Maxus Realty Trust. This is the second Fayetteville-area acquisition in 2022 for the buyer, Fort Worth-based Olympus Property. Olympus also acquired the Heights at McArthur Park in March.
“Stone Gables offers a premier investment opportunity with an excellent location, positive multi-family fundamentals, and a significant value-add opportunity,” Troop said. “Additionally, the asset is located in one of the top submarkets in the state of North Carolina for multi-family fundamentals and demographics, with a robust 12%+ rent growth year over year.”
Olympus Property Group’s current portfolio is valued at over $5 billion, representing over 22,700 units under ownership and management across fourteen states including Arizona, California, Colorado, Florida, Georgia, Idaho, Montana, New Mexico, North Carolina, Tennessee, Texas, Utah, Wyoming and Kentucky.
Built in 2013, Stone Gables is comprised of one-, two-, and three-bedroom apartment homes with wood-style flooring, granite countertops, black appliances, walk-in closets, ceiling fans, and washer/dryer in unit. The gated community features a robust amenity package with a resort-style swimming pool, fitness center, playground, volleyball court, dog park, picnic/grilling area, and detached garages. Stone Gables was approximately 99% occupied at the time of closing.