Olympus Property Acquires Third Multifamily Community in Fayetteville with 252-Unit King’s Quarter at Jack Britt Garden Style Apartments
FAYETTEVILLE, NC – Olympus Property announced 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.
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.”
SOURCE: OLYMPUS PROPERTY