RAEFORD, NC – Olympus Property announced the successful acquisition of Stone Gables, a 192-unit garden-style apartment community in Raeford, North Carolina, just outside of Fayetteville.
The property is strategically located in close proximity to some of the region’s most notable employers such as Fort Bragg, one of the largest military bases in the world with a workforce of more than 60,000 and estimated economic impact of over $13 billion. Other major nearby employers include the VA Healthcare Centers, Goodyear Tire, and Walmart Associates. Stone Gables is also within five minutes of the 401 retail corridor, with over 1 million square feet of retail space.
The property is well-positioned to capitalize on the region’s stable military-heavy economy and steady population growth. Limited new supply and pent-up demand will continue to drive rent growth over the foreseeable future, which has increased 12.4% over the last year.
Olympus Property, who operates the nearby community Heights at MacArthur Park, plans to leverage its local presence in the Fayetteville market. “Stone Gables will be the second asset we’ve bought in Fayetteville this year. It’s a gorgeous property in a market that’s experiencing strong rent growth paired with virtually no development pipeline. The positive market fundamentals and the economies of now having two properties makes this an brilliant acquisition,” notes Travis Bertetto, Associate Director of Acquisitions at Olympus Property.
Completed in 2013, the Class A property features eight three-tale apartment buildings spaciously situated on 12.83 acres. The property features a robust amenities package including a 24-hour fitness center, resort-style pool & sundeck, detached garages, picnic & grilling areas, resident park with playground, and off-leash dog park. Unit interiors include nine-foot ceilings, full size washers/dryers, granite kitchen and bathroom countertops, black appliances, and private patios/balconies. Olympus plans to further enhance the Class A property with an additional $1 million in capital over the next few years which in turn will add significant long-term value for its Partners.

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ELMSFORD, NY – Affiliates of Harbor Group International and Azure Partners announced their joint venture for the $306 million acquisition of Avalon Green, a garden-style multifamily community in Elmsford, New York. HGI plans to implement a $9.2 million capital improvement program across the community to refresh amenities and common areas and modernize select interior units.
Built in three phases in 1995, 2012 and 2016, respectively, the property totals 617 units and features a mix of townhouses, apartment homes and stacked flats. A part of HGI’s capital improvement program will focus on updating the interiors in Phase I and Phase II of the community to include contemporary finishes.
Located in Westchester County, Avalon Green offers residents convenient commuter access to nearby employment centers, including New York City, Rockland County and Fairfield County. The property is near Interstate 287 and Saw Mill River Parkway, and is a 10-minute drive to the region’s Metro-North train station, providing direct service to Manhattan and Stamford, Conn. Westchester County also features several notable corporate campuses, including IBM, PepsiCo, Mastercard, Morgan Stanley and Regeneron.
“Avalon Green is an attractive fit for HGI’s multifamily portfolio given its strategic location between several employment centers and transportation options along with the significant value-add potential of the community,” said Richard Litton, President, HGI. “We see long-term demand fundamentals for the Westchester area as renters seek housing in suburban markets.”
Amenities offered at the property include two saltwater swimming pools, a clubhouse and resident lounge and detached garages.

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COLUMBIA, SC – Lincoln Avenue Capital, a mission-driven acquirer and developer of affordable housing, announced that it bought Wyndham Pointe Apartments and will continue to reserve 100% of the units for low-income residents in the Columbia community.
“Lincoln Avenue Capital is proud to continue growing our nationwide affordable housing portfolio in communities where quality, sustainable homes are needed,” said LAC CEO Jeremy Bronfman. “This acquisition preserves affordable residences and improves the environmental profile of Wyndham Pointe.”
Columbia has limited affordable housing options for individuals and families. The statewide affordable housing crisis has made long waiting lists for housing relief and a financial burden for residents whose wages have not kept pace with escalating rents in South Carolina. Data shows that the cost of a one-bedroom apartment in Columbia increased 21% over the course of a year.
“Our investment will preserve the affordability of Wyndham Pointe for generations of Columbia residents to come,” said LAC Associate Brian Moloney. “We are excited to use this opportunity to make a more sustainable property.”
As part of Lincoln Avenue Capital’s commitment to sustainability and green building practices, the team is incorporating water saving fixtures into Wyndham Pointe. The upgraded water fixtures will reduce water usage on the property by up to 40%.
LAC worked with the South Carolina State Housing Finance and Development Authority (SC Housing) to ensure a safe transfer of ownership for long-term quality homes. The acquisition was financed through a loan from the National Equity Fund, which has supported previous LAC acquisitions across a wide range of national markets.
The property, originally built in 2007, includes 180 units and offers community amenities including an exercise room, clubhouse, business center with computer access, playground, and swimming pool.

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