Cushman & Wakefield has arranged the $8.9 million sale of The Residences at Fayetteville, a 120-unit apartment community located in Fayetteville, North Carolina. Paul Marley, Watson Bryant and Hunter Bowling of Cushman & Wakefield represented the seller, Argon Equity, in the transaction. Dr. Charles Lee and John Kachel of StarkaProperties Inc. acquired the property.
“We are big believers in the viability of multifamily assets and of the important role they play in providing quality housing for renters across the nation,” said Yoni Benimetzky of Argon Equity. “We pride ourselves on turning apartments into communities, and we look forward to continuing to do so for many years to come.”
Argon Equity’s founders, a group of seasoned industry veterans with more than 45 years of real estate investing and operating experience, have been working together for the past decade and plan on continuing to aggressively pursue multifamily opportunities over the coming months.
“StarkaProperties Inc. is excited to continue to enhance the property and finish the renovations that the previous ownership has started,” said Dr. Charles Lee, Founder and CEO. “Through continuing to make capital improvements to the exterior, common areas and enhancing the amenities, we can fully realize the gains for which Yoni and his team laid the foundation. This property is our team’s first acquisition in North Carolina, and we are excited to continue to expand and grow our portfolio in this wonderful state.”
Built in 1969 and renovated in 2019, The Residents at Fayetteville offered an opportunity to acquire an asset with very little deferred maintenance after a recent capital infusion of more than $1 million, which included interior renovations and a modern amenities package. Argon Equity fully stabilized the semi-distressed property within 18 months.
“The property is ideally located along major thoroughfares, offering connectivity to top employers and economic drivers, including Fort Bragg, the Cape Fear Valley Medical Center, and the recently completed $40 million Segra Baseball in downtown Fayetteville,” Bryant added.
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group ranks No. 1 in Sunbelt market share based on over 300 transactions and $7.0 billion in multifamily and land investment sales in 2019 (Source: Real Capital Analytics). Market share reflects sales for Alabama, Arkansas, Northwest Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas.