Northway at Fern Forest

1024 Ashwood Ct, Gastonia, NC, 28054-5601, US

Description

Jones Lang LaSalle is pleased to present the exclusive listing for Northway at Fern Forest, a compelling 184-unit apartment community offering exceptional value-add potential in Gastonia, North Carolina. Built in 1978 and situated on 10.17 acres at 1024 Ashwood Court, this property provides investors with immediate access to Charlotte's thriving employment market while maintaining attractive acquisition pricing compared to urban core assets.

...

Caractéristiques de l'actif

Nombre d'unités

184

Occupation

97 %

Année de construction

1963

Surface de l'actif Net

10 670 m²

Taille du terrain Brut

4,12 hectare

Média

Points clés d'investissement

Strategic Location - Positioned just 25 minutes from Uptown Charlotte, 22 minutes to Charlotte-Douglas International Airport, and 20 minutes to the U.S. National Whitewater Center. The property serves as an ideal bedroom community for Charlotte's diverse workforce seeking affordable housing options with convenient access to major employment hubs.

Proven Value-Add Potential - Current ownership has invested $1.740MM in capital improvements over eight years, creating a foundation for future enhancements. New ownership can capitalize on renovation opportunities yielding rental increases of up to $300/month with an approximate 32% return on investment. Recommended improvements include stainless steel appliances, granite countertops, upgraded vanities, and luxury vinyl plank flooring.

Strong Submarket Fundamentals - The Gaston County submarket ranks #1 in highest occupancy and #2 in projected rent growth through 2027 among Charlotte submarkets. The area has experienced a 39% increase in rent between 2018 and 2021 with a projected 29% rise by 2027, while maintaining occupancies around 95%.