Pia Residential has acquired Autumn View, a 177-unit class B value-add garden-style multifamily community in Fayetteville, NC for $27.1 million. The seller was 10 Federal of Raleigh, NC.

The transaction was brokered for the seller by Alex McDermott with Charlotte-based Capstone Companies; financing was arranged by Newmark’s Brian Kochan.

The 14.5-acre complex will be upgraded with $1.5 million of interior and exterior capital improvements.

“Fayetteville is one of the hottest real estate markets in the US, and Autumn View is an attractive property in an excellent location,” said Saul Levy, managing partner-investments for Miami, FL-based PIA. Built in 2007, the low-rise community is “popular with workforce housing singles and military families seeking affordable, active residential living,” Levy added. The community is 20 minutes from downtown Fayetteville and near Fort Bragg and Pope Field, major employers such as the Goodyear Tire and Rubber plant, Cape Fear Medical Center and Fayetteville VA Medical Center.

SOURCE: Connect CRE