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Summerlin East Apartments 24 Units | Fayetteville, Nc

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Summerlin East Apartments 24 Units | Fayetteville, Nc SUMMERLIN EAST APARTMENTS 24 UNITS | FAYETTEVILLE, NC OFFERING MEMORANDUM TABLE OF CONTENTS PROPERTY OVERVIEW 3 PROPERTY WEBSITE Detailed property information can be found at: SummerlinEast.com 5 PROPERTY PHOTOS PROPERTY TOURS FLOOR PLANS In an effort to keep all parties safe during COVID-19, tours will be 10 scheduled upon request. 13 INVESTMENT SUMMARY OFFER SUBMISSION Submit offers via email to: [email protected] 16 SALES & RENT COMPARABLES Offers should be in the form of a Letter of Intent (LOI) and at a minimum include: Price, Earnest Money, Due Diligence Time Period, Contingencies, Closing Period, and each party’s rights and responsibilities, accompanied with previous multifamily 20 MARKET OVERVIEW ownership experience. FINANCIAL ANALYSIS 25 BROKERAGE TEAM 29 NC DISCLOSURE Shem Nelson | Associate Broker Brett Grubbs | Vice President 910.748.5414 910.765.8654 [email protected] [email protected] 30 CONTACT US PROPERTY OVERVIEW 1969 Summerlin East offers spacious brick apartments in a prime location with easy access to Fort Bragg and the main dining, YEAR BUILT shopping and entertainment thoroughfare of Raeford and Skibo roads. This Opportunity Zone property is a stabilized 1969 asset with a value-add opportunity. The parking lot has been resealed and the roof on all buildings were replaced in 2016. Units are being renovated as tenants turn. The property is currently being rented below market rents and comparable properties show rent increases of at least $50 per unit are possible. 24 UNITS 96% OCCUPANCY $585 1043-1053 Rulnick St. UNIT & COMMUNITY FEATURES Address AVG. RENT Fayetteville, NC HIGH SPEED INTERNET ACCESS # of Units 24 WASHER/DRYER HOOKUP Number of Buildings 6 SMOKE-FREE 700 SF OVEN Unit Mix 24 - 1 BR/1 BA AVG. UNIT SIZE REFRIGERATOR Neighborhood Lake Francis/Drake Park WATER INCLUDED TRASH REMOVAL INCLUDED Pet Policy No pets allowed GREAT FAYETTEVILLE LOCATION $0.84 Parking 30 Spaces; 1.3 per Unit AVG. RENT/ SF LAND PARCEL PROPERTY PHOTOS EXTERIOR 5 SUMMERLIN EAST / SUMMERLINEAST.COM PROPERTY PHOTOS EXTERIOR 6 SUMMERLIN EAST / SUMMERLINEAST.COM PROPERTY PHOTOS INTERIOR 7 SUMMERLIN EAST / SUMMERLINEAST.COM PROPERTY PHOTOS INTERIOR 8 SUMMERLIN EAST / SUMMERLINEAST.COM PROPERTY PHOTOS INTERIOR 9 SUMMERLIN EAST / SUMMERLINEAST.COM PROPERTY PHOTOS UTILITIES 10 SUMMERLIN EAST / SUMMERLINEAST.COM FLOOR PLAN 3D FLOOR PLAN 12 SUMMERLIN EAST / SUMMERLINEAST.COM INVESTMENT SUMMARY 13 SUMMERLIN EAST / SUMMERLINEAST.COM INVESTMENT SUMMARY ORGANIC RENT GROWTH OPPORTUNITY Located in the heart of Fayetteville, Summerlin East has undergone upgrades of both exterior and select interior units. With these and further renovations, these apartment homes can grow rents organically. Recent Interior Improvements in select units: Recent Exterior Improvements: • LVP flooring • New screen doors and windows • New appliances • New roof on all buildings in 2016 • Ceiling fans • AC units are serviced annually (9 units replaced in 2020) • New refrigerators in 2 units • Driveway sealed & parking lines repainted • New water heaters in 3 units • Repairs to leaking pipes between the main water supply and units Library VALUE-ADD OPPORTUNITY Take advantage of this Opportunity Zone property and expand upon the current value-add program by completing updates on all units. These improvements can yield an additional $50 rent premium increase per unit, which nearby properties are achieving. Additional value-add opportunities include: • Offer all-inclusive water/electric for additional rent premiums • Privacy dividers between back patios • Washer/dryer rental with installation and removal fees • Parking lot crack repair • Localized trash can storage • Interior painting & carpeting PROXIMITY TO ECONOMIC DRIVERS Summerlin East Apartments is located in Fayetteville, NC, a thriving community located in the Sandhills region of southeastern North Carolina and is the seat of Cumberland County. Raleigh, the state’s capital, is approximately 65 miles north of Fayetteville, and Charlotte, a major commercial center, is about 140 miles to the west of the city. Fayetteville is located adjacent to Interstate Highway 95, a major north-south corridor that links the city to Washington D.C., Baltimore and New York to the north, and to Charleston, Orlando and Miami to the south. The property is located minutes from the largest employers in the area such as Fort Bragg, Cape Fear Valley Health System and Cumberland County Schools. 14 KIRKWOOD PLACE / KIRKWOODPLACE.NET 14 SUMMERLIN EAST / SUMMERLINEAST.COM LOCATION OVERVIEW CROSS CREEK MALL FORT BRAGG (9 miles) Fayetteville Academy Library Cliffdale Recreation FREEDOM TOWN CENTER Center Gus’s Bait & Tackle Kids R Tuff Day Care Anne Chesnutt Village Baptist Preschool Middle School Highland Animal Hospital Fayetteville Police Dept. Nail salon Caliber Collision Triangle Rock Club SUMMERLIN EAST William Owen Elementary School AIRPORT (9 miles) 15 SUMMERLIN EAST / SUMMERLINEAST.COM SALES & RENTAL COMPARABLES 16 SUMMERLIN EAST / SUMMERLINEAST.COM SALES COMPARABLES PROPERTY OF UNITS YOC# SALE DATE PURCHASE PRICE PRICE/UNIT CAP RATE Kingsley Townes 37 2012 Feb-19 $2,500,000 $67,568 6.50% 788 Arthington St, Fayetteville, NC Hill Street Apartments 18 2008 Oct-19 $1,240,000 $68,889 6.89% 3304 Kenmont Ln, Hope Mills, NC Morganton Crest 50 1992 Oct-20 $3,450,000 $69,000 7.30% 208 Partners Way, Fayetteville, NC Ashton Fayetteville 100 1984 Jan-20 $7,300,000 $73,000 5.00% 2927 Gordon Way, Fayetteville, NC 1 3 * SUMMERLIN EAST 2 17 SUMMERLIN EAST / SUMMERLINEAST.COM RENTAL COMPARABLES 1 BR PROPERTY # OF UNITS ADDRESS YOC AVG UNIT SF RENT/SF $/UNIT AVG 1043-1053 Rulnick St. Summerlin East 24 1969 700 $585 $0.84 Fayetteville, NC 812-830 Pilot Ave. Pilot Avenue 12 1970 650 $589 $0.91 Fayetteville, NC 6541 Raeford Rd. Southwood Apartments 16 1984 800 $629 $0.79 Fayetteville, NC 605 S. Reilly Rd. Highlander Place 28 2001 715 $652 $0.91 Fayetteville, NC 801-915 Applewood Ln Meadow Pointe Apartments 56 1982 790 $716 $1.08 Fayetteville, NC 1 3 2 SUMMERLIN EAST 18 SUMMERLIN EAST / SUMMERLINEAST.COM RENTAL COMPARABLES PILOT AVENUE SOUTHWOOD HIGHLANDER MEADOW POINTE 812-830 Pilot Ave. APARTMENTS PLACE APARTMENTS Fayetteville, NC 6541 Raeford Rd. 605 S. Reilly Rd. 801-915 Applewood Ln Fayetteville, NC Fayetteville, NC Fayetteville, NC YOC 1970 YOC 1984 YOC 2001 YOC 1982 Occupancy 100% Occupancy 87% Occupancy 100% Occupancy 100% # of Units 12 # of Units 16 # of Units 28 # of Units 56 Sweetwater Property Management Wellington Advisors Management Arran Realty Inc Management Self-managed Management Management Rental Rates & Unit Mix Summary Rental Rates & Unit Mix Summary Rental Rates & Unit Mix Summary Rental Rates & Unit Mix Summary 4 - 1 BR 8 - 1 BR 28 - 1 BR Unit Mix Unit Mix Unit Mix 28 - 1 BR Unit Mix 8 - 2 BR 8 - 2 BR 28 - 2 BR Avg. SF 819 Avg. SF 900 Avg. SF 715 Avg. SF 790 Avg. Rent $720 Avg. Rent $639 Avg. Rent $650 Avg. Rent $767 Avg. Rent/SF $0.88 Avg. Rent/SF $0.71 Avg. Rent/SF $0.91 Avg. Rent/SF $0.97 Unit Amenities Unit Amenities Unit Amenities Unit Amenities Air Conditioning Cable Ready Air Conditioning Washer/Dryer Air Conditioning Kitchen Refrigerator Kitchen Oven Hardwood Floors Microwave Balcony Oven Property Manager on Site Cable Ready Wheelchair Range Picnic Area Cable Ready Lake Access Tub/Shower Refrigerator Accessible Refrigerator Recycling Kitchen (Rooms) Range Dishwasher Laundry Facilities Dishwasher High Speed Walking/Biking Internet Access Trails 19 SUMMERLIN EAST / SUMMERLINEAST.COM MARKET OVERVIEW 20 SUMMERLIN EAST / SUMMERLINEAST.COM MARKET OVERVIEW Nicknamed the “All American City,” Fayetteville is seat of Cumberland County, and $35M capital project that includes a new concert hall, tennis center, baseball is located in southeast North Carolina 50 miles south of Raleigh and 120 miles field house and facilities for soccer and football. east of Charlotte. Traversed by I-95 and the Cape Fear River, the Fayetteville MSA The local Fayetteville State University campus serves over 6,300 students. encompasses Cumberland and Hoke counties. A $45.5M campus construction and renovation is currently underway to Anchored by Fort Bragg, the U.S. Army’s largest military installation, Cumberland accommodate increasing enrollment numbers. County offers a diverse and expanding business environment. Downtown Fayetteville is a focal point of the local business community, where the city’s 20- year, $118M downtown redevelopment plan has included numerous projects: Bragg Boulevard Corridor, Festival Park, the Transportation Museum and streetscape improvements. Other improvement projects have included the Arts & Entertainment District, the Franklin Street parking deck, the Hope VI project, NC Veterans Park and the 300 Block of Hay Street housing project. EDUCATION Highly Ranked Public Schools Cumberland County Schools is the 5th largest school system in the state. It operates 87 schools with an additional 14 private schools in the county. Along with traditional classrooms, Cumberland County Schools offers one year-round school, an evening academy and a web academy. Students have access to STEM programs in biological and biomedical studies, computer and informational services and mathematics & statistics. In 2013, Cumberland County Schools was a Broad Prize Finalist as one of the “Most Improved Schools Districts” and by AdvancedED Accreditation as a “Quality School System.” Readily Available Higher Education Fayetteville Technical Community College (FTCC), the 4th largest community college in the state, serves more than
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