Location: 1000 Riverbank Dr, Spring Lake, NC 28390
Year Built: 1986
Acquisition Date: 06/13/2022
Lakehurst 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. Significant organic rental upside upon acquisition, as current ownership is charging rents considerably below comparables. OREI anticipates $220/unit of organic, mark-to-market rent growth. Value-add opportunity in all 96 classic units with the installation of stainless-steel appliances, new cabinet fronts, faux wood flooring, kitchen tile backsplash, granite countertops, and updated lighting and plumbing. Upon interior renovation, OREI anticipates a $203/unit average rent premium, in-line with similarly renovated product within the submarket.