About this property
Karen Lake Apartments is a 64-unit multifamily community located at 3605 Sapphire Road in Fayetteville, North Carolina, within the Bonnie Doone submarket. Built in 2005, the property consists exclusively of two-bedroom / two-bath units averaging approximately 1,200 square feet, offering larger floor plans than much of the surrounding competitive inventory. The asset is currently operating at approximately 95% occupancy, reflecting stable operations and consistent renter demand.
Karen Lake presents investors with the opportunity to acquire a well-maintained, newer-vintage community in one of Fayetteville’s more established residential corridors. The property operates as a clean, stabilized asset with limited day-one execution risk, making it well-suited for investors seeking durable in-place cash flow with measurable rental upside rather than a heavy repositioning strategy.
Current average in-place rent is approximately $1,187 per unit against average market rents of approximately $1,228 on the current rent roll, providing embedded mark-to-market opportunity as leases naturally roll. In addition, real estate taxes were reset in Cumberland County’s 2025 revaluation and are not scheduled for reassessment until 2031 — and North Carolina does not reassess upon sale — giving a buyer an entire hold period of tax certainty. Preliminary agency financing quotes are in hand, supporting attractive non-recourse, day-one leverage.
Karen Lake Apartments is being offered individually or as part of a three-property Fayetteville portfolio alongside Village Chase and Rim Creek, providing investors flexibility to acquire either a standalone stabilized asset or scale within the Fayetteville market.
SITE TOURS: September 22, 2026, & September 23, 2026
CALL FOR OFFERS: September 30, 2026
ROLLING OFFERS ACCEPTED
Amenities and Features
Map
