Location

EXCLUSIVE SUMMARY:

Pinehurst is a garden-style complex built in 1992, consisting of 7 buildings (four apartment buildings, one storage building, one laundry building, and one house) sitting on 6.41 acres. It offers 4, one-bedroom units with approximately 680 ft.2 of living space, 28 two-bedroom units with approximately 800 ft.2 of living space, and one house with approximately 612 ft.2 of living space. On-site Laundry, ample parking, and open land to the rear of the property gives Pinehurst a strong sense of community. Notable for investors is the historical occupancy, which is currently at 95% and has recently maintained levels between 95-100%. One reason is that Pinehurst provides recent upgrades, as well as minimal deferred maintenance to the property. Approximately 3 acres of land exist for possible future growth.<BR><BR>

Pinehurst has recently received substantial capital improvement to include roofs, windows, HVAC, siding, water treatment equipment, and balconies. This offering represents a turn-key investment for a multifamily investor. The property is outfitted with landlord-paid, gas-forced air furnaces and the electricity is separately metered. Over 50% of the furnaces have been replaced and many of the units have experienced a turn within the past two years. Amenities at the property include on-site laundry and ample parking. A major factor affecting the strong historical performance of this asset is its proximity to U.S.-23 and multiple outdoor recreational activities.