Waterstone Multi-Family Group is pleased to present the Summerlyn Cottages apartments; a 96-unit Class-A community located in Fayetteville NC. Built in 2010, the property is located only 15-minutes from Fort Bragg (the largest military base in the world, covering 251 square miles, with over 57,000 service members, 25,000 family members, and an additional 14,000 civilian employees). The military represents 70% of the residents at Summerlyn Cottages, the property is currently 96% occupied and has maintained a strong occupancy track record averaging above 95%. The property includes three 24-unit buildings and three 8-unit buildings in addition to the community clubhouse & leasing office, garage & storage facilities, and other common area structures.
Units feature premier amenities, including:
Granite countertops
9ft ceilings (vaulted ceilings for top-floor units)
Crown molding
Stainless steel appliances
Ceramic backsplashes
In addition, property amenities include:
Swimming pool
Laundry facilities
24-hr fitness center
Playground
Dog park
Private fishing pond
Barbeque/grilling area
The Cross Creek Mall shopping, dining, and commercial corridor is another highlight of this location – with Summerlyn situated just 1.5-miles from the mall itself, 15-minutes from Downtown Fayetteville area, and 4-minutes from Alger Wilkins High School. This property is also in excellent condition, and has no outstanding capital expenditure needs or requirements.
Historically, military markets tend to see elevated enlistment rates in times of economic recession. Included in the recent $700-Billion National Defense Authorization Act, service members received a 2.6% pay raise, North Carolina was allocated $241,000,000 to upgrade state military installations (including $42,000,000 specifically allocated to Fort Bragg).
