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North Crossings Acquisition Closing Update

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Sunbelt Fund I Updates > North Crossings Acquisition Closing Update

North Crossings Apartments


North Crossings Apartments is a 120 unit complex in Fayetteville, NC. North Crossings is a 1980's build that has original interiors throughout, allowing us to capture substantial value-add with renovations over time, premiums that we have proven at our neighboring equivalent property.

Details on the North Crossings Acquisition

  • This property is within walking distance of one of our existing properties in Fayetteville, (Heather Ridge) affording us immediate operating economies of scale including sharing staff to improve service to residents, and reducing general and administrative costs.
  • We have budgeted more than 10% of the purchase price for capital expenditure for this value-add process, but expect it to be rolled out slowly over time based on the local economic market environment.
  • We know this location within Fayetteville well given our ownership of a neighboring asset, and it boasts strong underlying demographics ($50k+ Annual Median Income in both the 1-mile and 3-mile radius), giving us confidence in our rent growth expectations when the economy rebounds.
  • The property has been run by an experienced owner-operator in the Southeast, who we know takes care of deferred maintenance as it comes up, leaving the property in good physical shape.
  • While this experienced owner-operator takes good care of their properties, we also know that they tend to operate to maximize physical rather than economic occupancy, and have left rents below market for some time. As a result, we expect to acquire a property that is nearly 100% occupied and that has residents who have not seen rent increases over the past few years, where our neighboring property has achieved market rates on new leases under our ownership.

Location Details

North Crossings Apartment Fayetteville North Carolina
North Crossings is adjacent to one of our other properties, Heather Ridge

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The information contained on the Ballastrock.com web site has been prepared by Ballast Rock Holdings LLC (“Ballast Rock”) without reference to any particular user’s investment requirements or financial situation. Potential investors are encouraged to consult with professional tax, legal, and financial advisors before making any investment into a private offering of securities.  An investment in private securities would be speculative and would involve a high degree of risk. Investors must be prepared to bear the economic risk of such an investment for an indefinite period of time and be able to withstand a total loss of their investment. Please consider carefully the investment objectives, risks, transaction costs, and other expenses related to an investment prior to deciding to invest.  All private placements of securities and other broker dealer activities are currently offered through a partnership with Independent Brokerage Solutions LLC MEMBER: FINRA / SIPC (“IndieBrokers”), which is located at 485 Madison Avenue 15th Floor New York, NY 10022. (212) 751-4424. Ballast Rock Holdings LLC and its affiliates are independent and unaffiliated with IndieBrokers.  Any securities transactions or related activities offered by Ballast Rock associated persons are conducted in their capacities as registered representatives of IndieBrokers.  Please see our Form CRS. 
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  • Home
  • What We Do
    • Real Estate >
      • Multifamily
    • Ventures >
      • Acronym Venture Capital
      • Louisiana Green Fuels
    • Capital Advisory
  • About Us
    • Our Story
    • Leadership
  • Fund Updates
    • Acronym VC Fund
    • Louisiana Green Fuels
    • Sunbelt Fund II
    • Sunbelt Fund I
  • Education
    • Portal "How To"
    • Corporate Deck
    • Articles
    • Press >
      • Lument Workforce Housing Webcast
      • CoStar Gleneagle Article
      • CoStar Coleman Article
      • Multifamily Executive
  • Login