Olympus Property has purchased Stone Gables, a 192-unit multifamily community in Raeford, N.C., for $41.9 million. Capstone Cos. worked on behalf of the seller, Maxus Realty Trust. The property last traded in 2017, when the current seller bought it from EB Real Estate Group for $21.1 million, according to Yardi Matrix.
Located at 9000 Stone Gate Drive, the garden-style community features one-, two- and three-bedroom units with floorplans ranging from 806 to 1,252 square feet. Each is equipped with black appliances, granite countertops, walk-in closets and in-unit washers and dryers. Common-area amenities include a fitness center, a clubhouse, a playground, a volleyball court, a dog park, a swimming pool and 371 parking spots.
The eight-building asset is situated on a 12.9-acre lot across Fayetteville Road, between Hoke Hospital and First Health Moore Regional Hospital, and within 15 miles from downtown Fayetteville.
The Capstone Carolinas team composed of Partner & Carolinas Production Lead Alex McDermott, Directors Caleb Troop and Austin Green, Investment Sales Advisors Thomas Colaiezzi, Jourdan Sullivan and Travis Cundiff represented the seller.
This is Olympus Property’s second purchase in Fayetteville this year, after acquiring Heights at McArthur Park in March. Earlier this month, Olympus sold Mosaic Dallas, a 440-unit asset in downtown Dallas.