Location: 1166 Pine Knoll Dr, Spring Lake, NC 28390
Year Built: 2001
Acquisition Date: 02/17/2022
Heritage at Fort Bragg is located in the Cumberland County submarket in Fayetteville, North Carolina. The city is home to Fort Bragg, the largest military installation in the U.S. with more than 50,000 active-duty personnel. According to US government statistics there is a projected annual 9.2% increase in military spending.
Significant organic rental upside upon acquisition, as current ownership is charging rents considerably below comparables. OREI anticipates $159/unit of organic, mark-to-market rent growth.
Significant value-add opportunity remains in all units with the installation of granite counters, cabinet painting, light and plumbing fixtures, and vinyl flooring, among others. Upon interior renovation, OREI anticipates a $266/unit average rent premium, in-line with similarly renovated product within the submarket.