FAYETTEVILLE, NC – Olympus Property announced the acquisition of The Heights at McArthur Park Apartments, a 288-unit garden-style multifamily property in Fayetteville, NC.
The Heights at MacArthur Park is a Class A community located in the popular city of Fayetteville. The property enjoys a prime location with its proximity to some of the area’s largest employers including Fort Bragg, Goodyear Tire, VA Healthcare Centers and Walmart Associates. Additionally, Amazon plans to build a 1.3 million square foot fulfillment facility in Fayetteville’s Military Business Park, which will create more than 500 full-time jobs and hundreds more part-time positions. This type of job growth will continue to support strong rental growth in the area.
Fayetteville has had no new deliveries on the market since 2016, and with only two new projects currently underway (totaling 214 units), Fayetteville’s vacancy rate is expected to remain below 4% for the foreseeable future.
“The Heights at McArthur Park is an exceptional asset in a market that is experiencing strong job growth. Fayetteville’s strong fundamentals will make it a great acquisition for Olympus and entering a new market is always exciting,” said Travis Bertetto, Head of Acquisitions. .
The Heights at McArthur Park features a resort-style pool with sundeck and cabanas, fitness center, white-sand volleyball court, business center, fitness center, a resident park with a playground and an off-leash dog park. Unit interiors feature granite-style countertops, nine-foot ceilings, and upgraded appliances.
“The Fayetteville market has an extremely tight supply pipeline and no development is expected in the foreseeable future. These factors, coupled with strong rental growth, will provide long-term benefits to both our partners and the business,” added Chase Bennett, Senior Managing Director.
Source: Olympus property