Pine Grove – 40 Units

UNDER CONTRACT

CONTACTS

Joshua Scango 704-668-6361

Waterstone Multi-Family Group is pleased to present Pine Grove Apartments, a 40 unit apartment community located in Spring Lake, North Carolina.

Pine Grove is located less than 7 miles from Fort Bragg and Pope Air Force Base, which employs more service members than any other army installation in the country with 64,904 military personnel. The base has an additional 12,273 civilian employees and 62,925 active duty family members. There are 98,507 Army retirees and family members in the area. The $700 billion National Defense Authorization Act sets aside more than $350 million for construction at North Carolina military installations and provides for a 2.1% pay raise for troops.

Pine Grove Apartments is a value-add asset with significant upside. It is in close proximity to StoneGate Apartments; a class A apartment community, a retail strip center with multiple dining and shopping locations and walking distance to a Walmart SuperCenter. At just over 50% occupied this property has a potential gross rent of ~$20,000 per month after some basic unit turns have been completed.

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Other

  • Address: 1301 King Street Spring Lake, North Carolina 
  • Area: Fayetteville 
  • Number of Units: 40 
  • Year Built: 1968 
  • Acres: 4.01