Brazos Residential Acquires 2 North Carolina Assets

Brazos Residential LLC, has acquired two properties in Rocky Mount and Fayetteville, N.C. Jefferies Cove Apartments and Briarwood Apartments have more than 400 units total. The sales price for the deals was not disclosed.

Jefferies Cove, located in Rocky Mount, was completed in 1987. Comprised of 152 apartments, the average home size is 1,066 square feet. The asset was purchased from the original developer.

Earlier this year Brazos purchased Rosewood, situated in proximity to Jefferies Cove, and has since seen results exceeding pro forma. Following its success in the market, the company took an interest in Jefferies Cove.

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The Fayetteville asset, Briarwood, features 273 apartments completed in 1970. According to Yardi Matrix data, Brazos acquired the community from Forum Real Estate Group, which purchased it in 2018 for $13.7 million.

Composed of one- and two-bedroom homes, the property includes a fitness center, a clubhouse, a pool, laundry facilities and a playground. Located at 29 Briar Circle, the Briarwood Apartments are in proximity to the ninth-largest medical system in North Carolina, Cape Fear Medical Center.

The purchase of these two assets brings the company’s total acquisitions for this year to 14. In September, Brazos acquired a 376-unit community in Wilson, N.C., for $41 million. In Fayetteville, the firm has had a total of four acquisitions, amounting to 700-plus units. Founded in 2022, Brazos has more than 2,500 multifamily apartments in the Sun Belt, primarily in North Carolina and Texas.