King’s Quarters – 252 Units

Waterstone Multi-Housing Advisors is pleased to present King’s Quarters at Jack Britt; a 252 unit Class A apartment community located in Fayetteville, North Carolina. The Property consists of thirteen, 3-story buildings situated on a 16.04-acre parcel that was completed in 2014. New roofs were installed after damage from Hurricane Florence in 2018. There are 126 two bed/two bath units and 126 three bed/two bath units. In the community some of the upscale amenities include a pool with cabana, car wash station, covered grilling area, playground and a bark park. Inside the units you will find granite countertops, stainless steel appliances, chestnut plank flooring, large closets, extra storage and a balcony. The clubhouse has additional amenities inside including a fitness center with child’s play area, business center, package service and a rentable space for private gatherings. Also on the property, there are garages and storage units for rent. It is currently managed by a third party, Wellington Advisors, who manages over 20 other communities in the area.

Fayetteville has a population of approximately 210,000. It is also home to Fort Bragg and Pope Air Force Base, which employees more service members than any other army installation with roughly 65,000 military personal. King’s Quarters is located in Cumberland County’s best school district and right behind the recognized honor school, Jack Britt High School. There are two universities and a technical community college in close proximity. It is also conveniently located near shopping centers along with a Walmart Supercenter. There have only been two other market rate communities built in the market since 2014.

There is currently an assumable loan on the property with approximately $19.3mm remaining at a rate of 4.22% and matures on 10/06/26.