DEAL OF THE DAY: Rental Community Near Fort Bragg Bought for $16.85M
- Jun 19, 2008
By Anuradha Kher, Online News EditorSpring Lake, N.C.–Sperry Van Ness has completed the sale of Village on the Lake Luxury Apartments, a 115-unit community in Spring Lake, N.C., for $16.85 million. It is located near Interstate 95 at 605 Village Lake Court and includes an adjacent parcel of land that has entitlements for the development of an additional 108 units.Jim Scofield, senior investment advisor for Sperry Van Ness in Raleigh, N.C., represented the seller, Spring Lake-based Village on the Lake LLC. Lefku & Co. represented the buyer, New York-based First American Exchange Corp.Built in 2006, the community is situated on 29.94 acres of land and was 94 percent occupied at the close of escrow.Spring Lake is situated very close to Fort Bragg and Pope Air Force base, and will benefit from the major expansion of Fort Bragg over the next few years due to the federal government’s Base Relocation and Closure (BRAC) plan. By population, Fort Bragg is the largest Army installation in the world.