Waterstone Multi-Family Group is pleased to present the Cliffs at Waterford; a 144 unit Class A apartment community located in Fayetteville, North Carolina. The Cliffs, built in 2010/2013, are currently managed by one of the top property management groups in the area.
The community is located less than 3 miles from Fort Bragg and Pope Air Force Base, which employs more service members than any other army installation in the country with 64,904 military personnel. The base has an additional 12,273 civilian employees and 62,925 active duty family members. There are 98,507 Army retirees and family members in the area. The $700 billion National Defense Authorization Act sets aside more than $350 million for construction at North Carolina military installations and provides for a 2.1% pay raise for troops. The military represents 60% of the residents at The Cliffs at Waterford. While other communities have struggled with occupancy, the Cliffs are currently 99% occupied. The Cliffs are located less than 20 minutes from Campbell University and are in close proximity to Fayetteville Regional Airport and Downtown Fayetteville. Cross Creek Mall and Rainey Hospital are less than 20 minutes away. Professional baseball will be coming to Fayetteville in 2019 and has prompted more than $100 million in public and private investment toward downtown development. The stadium will increase the $504 million economic impact tourism already has on the city and add many jobs.
The Cliffs at Waterford is a gated community that was built with a condo option in mind. On-site amenities include a swimming pool, playground, fitness center, laundry, storage units, business center, grilling area and a dog park. The property includes 13 buildings containing 6 two bed/two and half bath units, 72 two bed/two bath units and 66 three bed/two bath units. Inside the apartments, unit interiors showcase the following high end features: granite countertops, ceramic tile backsplashes, stainless steel appliances, built in microwaves and dishwashers, 9 foot ceilings, ceiling fans in all rooms and washer/dryer hook ups. The units have an ownership type feel inside and are far from the “cookie cutter” unit that many of the competitors in the market resemble. As one would expect from such a striking asset, the property is in excellent condition with no known capital expenditure requirements. There is vacant land on the property that can hold an additional 24-36 units.
