John Bergin, CCIM John@Waterstonemfg.com 704-804-3342
Cameron Hopkins Cameron@Waterstonemfg.com 828-310-9607
Waterstone Multi-Family Group is proud to present Independence Place Apartments in West Fayetteville, NC. This 300 unit property was built in 2011. Independence Place includes 15 buildings containing 96 one bed/one bath units, 144 two bed/two bath units and 60 three bed/three bath units which sits on 20.92 acres of land. The property has many upscale amenities including a saltwater pool, tennis and basketball courts, a billiards and business room and a dog park. The units feature a modern kitchen with all black appliances, dark wood oversized cabinets and drawers, hardwood floors and are equipped with a washer and dryer. Fully furnished and corporate units are also available at Independence Place.
In the neighborhood there are multiple restaurants and Cross Creek Mall is just minutes away. The property is conveniently located near Fort Bragg and Pope Air Force Base, which employs more service members than any other army installation in the country with about 65,000 military personnel. Fayetteville is also home to the new Fayetteville Woodpeckers, a Minor League Baseball team of the Carolina League and the Class A affiliate of the Houston Astros. The baseball stadium is expected to knock the economy out of the park and add big city benefits for the local Fayetteville area.
This property requires the existing debt to be assumed, or to pay a hefty pre-payment penalty. There is currently $22.6 million remaining on a HUD 221(d)(4) loan with about 37 years remaining on the term and a fixed interest rate of 3.65% with an assumption fee of 50 bps. The debt component gives the opportunity for a great cash on cash return.
*May be purchased as a Portfolio with Independence Place in Prince George, VA.*
- Address: 6445 Independence Place Drive Fayetteville, North Carolina
- Area: Fayetteville
- Number of Units: 300
- Year Built: 2011
- Acres: 20.92