June 11, 2020
We’re excited to announce that escrow officially closed on a new property in the DF Growth REIT. This property is now part of your portfolio.
Location: Fayetteville, North Carolina
Type: Cash-Flowing Multifamily
Units: 121 apartments
Construction Year: 2014
Purchase Price: Approx. $9,700,000
Target IRR: 16.3%
McArthur Landing is located in a thriving rental market, close to Fort Bragg and Pope Air Force Base, two major military bases that employ roughly 65,000 personnel. It has a central location within a cluster of services and retail locations, making it an attractive option for local renters. A public library, elementary school and recreation center, university and shopping centers are all within short distance from the property.
The property is cash-flowing and will only require light renovations that will significantly enhance its profile. The property features 121 two- and three-bedroom condominium units rented as apartments.
We plan on implementing cosmetic and tech upgrades to units including:
✓New countertops and appliances
✓ Kitchen cabinet updates
✓ Miscellaneous repairs
Common amenities include a 24/7 Fitness Center, Clubhouse, Pool, Patio and Gated Entry System.
Planned renovations include:
✓Dog park enhancements
✓ Putting green conversion
✓ Fencing updates
✓ Outdoor fire-pit and patio area improvements