2623 Pine Springs Dr, Fayetteville, NC 28306 For Sale

RANCH STYLE APARTMENT COMMUNITY IN HIGH-GROWTH SUBMARKET

Forest Pointe is a 36-unit apartment community located on a 4.5-acre parcel in the Hope Mills submarket of Fayetteville. The property offers a mix of three 2-bedroom/2-bathroom, fifteen 2-bedroom/1.5-bathroom, and eighteen 1-bedroom/1-bathroom ranch-style units, all on slab foundations. This area is experiencing some of the highest growth in the Fayetteville metropolitan area and benefits from a significant shortage of apartment supply, which has led to strong tenant retention, quick leasing, and high renewal increases. The units feature open kitchen and living room floorplans and include in-unit laundry. All units have individual water and electric meters. The property operates on a septic system, with an annual maintenance cost of $1,500 factored into the pro forma. Forest Pointe boasts one of the lowest expense ratios in this portfolio, as nearly all major capital expenditures have been completed, including new roofs, windows, and gutters. A significant number of HVAC systems have also been replaced. With 34 of the 36 units fully renovated, the property is well positioned for strong cash flow going forward.