Capstone AP Brokers $20M Asset in Fayetteville, NC MSA

RAEFORD, NC – Capstone Apartment Partners successfully brokered the sale of Stone Gables in Raeford,
located two miles west of Fayetteville, NC. Hackett Builders sold the property to EB Real Estate Group
for $20M, or $104,167 per unit.

“New ownership recognized the potential to enter the Fayetteville multi-family market in the early stages of its recovery and purchase a new construction property that leads the market. The combination of a diversifying economy and the top-notch features and amenities of Stone Gables allowed us to achieve one of the highest prices per door in this market,” said John Ackiss of Capstone Apartment Partners.

Well-located near Fort Bragg, Stone Gables is also close to many new healthcare jobs. Residents enjoy a
modern, high-end amenity package that includes a resort-style swimming pool, tanning bed, grilling
cabana, playground, volleyball court, and state-of-the-art fitness center. Completed in 2014, the 192-
unit complex was 96.0% occupied at time of sale. Andrew Klenk and John Ackiss from Capstone
Apartment Partners represented the seller in the transaction.

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