SEPTEMBER 17, 2020
Fayetteville, North Carolina – Jeronimo Hirschfeld, President and CEO of One Real Estate Investment (OREI), announced the purchase of a 291-unit Class B multifamily community in Fayetteville, North Carolina.
Ardmore Pointe, built in 2012, is located at 3325 Oak Forest Dr, Fayetteville, NC 28314. The asset is located 6 miles away from the largest military base in the United States, Fort Bragg, which has over 57,000 military personal and employs 14,000 civilians. OREI intends to do exterior and amenity renovations which include but are not limited to updating the clubhouse, pool, landscape, asphalt, fitness center, and paint. In addition to exteriors, OREI will implement an interior unit renovation program, upgrading counters, cabinets, appliances, lighting and plumbing fixtures, and kitchen backsplashes.
One Real Estate Investment has another asset, 360 units, within 8 miles of Ardmore Pointe. This property, Plantation at Fayetteville, was acquired by OREI in Q2 2019.
The deal was first marketed by a national broker as a loan assumption. OREI was the first call due to it’s track record and recent acquisition in Fayetteville. OREI did not acquire the asset due to the loan assumption condition, and turned out no other interested parties were willing to assume either. Once the listing expired, a local broker with whom OREI has worked with in the past presented the deal again. OREI stated they would only purchase it free and clear. The local shop put an OREI free and clear offer in front of the seller, and after a couple of rounds of negotiation the deal was put under contract after OREI following it for 14 months.
“Ardmore Pointe will be a phenomenal asset to add to the OREI portfolio,” exclaimed Hirschfeld. “We are excited to acquire another property in Fayetteville, and continue to grow our presence in North Carolina.”