Olympus Property Completes Acquisition of 288-Unit The Heights at McArthur Park Flats in Fayetteville, North Carolina


Olympus Property Completes Acquisition of 288-Unit The Heights at McArthur Park Apartments in Fayetteville, North Carolina

FAYETTEVILLE, NC – Olympus Property announced the acquisition of The Heights at McArthur Park apartments, a 288-unit garden style multifamily property in Fayetteville, North Carolina.

The Heights at MacArthur Park is a class A community located in the desirable city of Fayetteville. The property has a premier location with its proximity to some of the region’s largest employers, including Fort Bragg, Goodyear Tire, VA Healthcare Centers, and Walmart Associates. In addition, Amazon plans to build a 1.3 million-square-foot fulfillment facility in the Military Business Park in Fayetteville, which will create more than 500 full-time jobs and hundreds of other part-time roles. This type of job growth will continue to support robust rent growth in the area. 

Fayetteville has seen no new deliveries in the market since 2016, and with only two new projects currently underway (totaling 214 units), the vacancy rate for Fayetteville is expected to remain below 4% for the foreseeable future.

“The Heights at McArthur Park is an exceptional asset in a market that is experiencing robust job growth. The strong fundamentals of Fayetteville will make this a great acquisition for Olympus and breaking into a new market is always exciting,” stated Travis Bertetto, Acquisitions Manager.

The Heights at McArthur Park features a resort style pool with a sundeck and cabanas, fitness center, white sand volleyball court, business center, resident park with a playground, and an off-leash dog park. Unit interiors include granite-style countertops, nine-foot ceilings, and upgraded appliances.

“The Fayetteville market has an extremely tight supply pipeline with nothing planned for development in the foreseeable future. These factors paired with strong rent growth will provide long-term upside for both our partners and firm,” added Chase Bennett, Senior Managing Director.

Source: Olympus Property


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