Monday Properties JV Buys North Carolina Asset
The community is near the largest military base in the U.S.
Monday Properties, 13th Floor Investments and RSN Property Group have purchased The Summit on 401, a 291-unit apartment community in Fayetteville, N.C. One Real Estate Investment sold the asset for an undisclosed amount, according to Yardi Matrix information.
The acquisition marks Monday Properties’ entry into the North Carolina multifamily market, as well as 13th Floor’s second purchase in the state this year. The latter also bought The Belmont in February, a 312-unit residential property near Duke University, in Durham.
Similarly, a partnership of Monday Properties and RSN Property Group has purchased three other multifamily assets in the past six months, reaching a total of 727 units. Villas at Princeton Lakes in metro Atlanta and Eagle Creek Landing in the Dallas-Fort Worth market are two of the joint venture’s recent acquisitions.
The Summit on 401
The Summit on 401 had been under One Real Estate’s ownership since 2020, when the company acquired it from Ardmore Residential for $26.8 million, or $91,931 per unit, the same data provider shows. The property is currently the subject of a $17.9 million CMBS loan originated by Berkadia Commercial Mortgage in 2020 and scheduled to mature in January 2030.
Developed by Hawthorne Residential Partners, The Summit on 401 came online in 2011 at 3325 Oak Forest Drive. The community consists of 14 three-story buildings across a 27-acre site. The units are divided into 78 one-bedroom, 168 two-bedroom and 45 three-bedroom apartments ranging from 756 to 1,460 square feet.
Shared amenities include a pool, fitness center, clubhouse, playground, pet spa and grade-level parking. Prior to the acquisition, 103 units underwent renovations. The new ownership plans to upgrade the remaining 188 apartments, which will target the paint and flooring, as well as interior design features and installations.
The multifamily community is just off State Road 401, 8 miles west of downtown Fayetteville. The property is also within 1 mile of a Walmart, Walgreens, Pete’s Farm Market and a few other retail options. Fort Bragg, N.C., the largest military base in the U.S., is some 12 miles north of The Summit.
