Olympus Property Acquires Third Multifamily Community in Fayetteville, North Carolina

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Mar 24, 2023, 16:32 ET

FORT WORTH, Texas, March 24, 2023 /PRNewswire/ -- Olympus Property is pleased to announce the acquisition of King's Quarter at Jack Britt in Fayetteville, North Carolina. Established in 1992 with a steadfast vision of becoming an industry leader, Olympus Property boasts a wealth of experience and a hands-on approach throughout the investment process.

Olympus Property Acquires King’s Quarter at Jack Britt in Fayetteville, NC

The company continues to grow its presence in the multifamily real estate industry, providing residents with a best in class living experience and investors strong returns. Olympus currently owns and manages over 27,000 units spanning across 14 states being Arizona, California, Colorado, Florida, Georgia, Idaho, Kentucky, Montana, New Mexico, North Carolina, Tennessee, Texas, Utah, and Wyoming.

King's Quarter at Jack Britt, a 252-unit garden style community, marks the third holding for Olympus Property in the supply-constrained market of Fayetteville. This acquisition strategically positions Olympus as one of the largest owner/operators in the MSA. The area has experienced explosive growth over the past few years, with a metropolitan population increase of 37.9% from 2016 to 2021, making Fayetteville one of the fastest growing cities in America. In conjunction with strong in-migration trends, rents have been increasing at double digit rates, far surpassing the national average of 2.6%. These macro-economic fundamentals support continued long-term growth at the property, as well as the submarket.

"Fayetteville was just ranked amongst the top in the nation with year over year rent growth north of 11%," notes Travis Bertetto, Associate Director of Acquisitions at Olympus Property. "Paired with the economies of scale we will realize by owning two other assets in the market, this acquisition will be a great addition to our expanding portfolio."

The property is well situated near some of the region's largest employers including VA Healthcare Centers, Goodyear Tire, and Fort Bragg, which collectively supports over 50,000 jobs in the area.

The property is also within a 20-minute commute of Amazon's state-of-the-art 1.3 million square foot fulfillment facility located on Bragg Boulevard, which is expected to open later this year.

Built in 2014, King's Quarter at Jack Britt boasts a variety of amenities including a playground, pool area with cabanas, grilling stations, pet park, fitness center, and garages. The property features spacious two- and three-bedroom units with upgraded interiors ranging from 1,150 square feet to 1,398 square feet. Units are well-appointed with granite countertops, stainless steel appliances, walk-in closets, and private balcony/patio areas with additional storage.

To learn more about Olympus Property or for media inquiries, please contact Jeff Evans at 325-829-8844 or [email protected], or Braden Barr at 415-686-0232 or [email protected].

For more information please visit: www.OlympusProperty.com.

SOURCE Olympus Property