- For Sale $17,000,000
- Property Type Other
- Property Size 354,578.4 SF
- Units 168
- Date Updated Apr 26, 2024
- Website theavery.sharplaunch.com
Deaton | GREA is pleased to present the exclusive offering of The Avery Apartments, a 168-unit garden apartment community in Greenville, N.C. Located along West Arlington Blvd. in western Greenville, The Avery is conveniently connected to multiple dining, retail, entertainment, and employment centers including ECU Health Medical Center and East Carolina University.
The property features 94 units completed in 1986, with a mix of 68 one-bedroom and 26 two-bedroom units. There are 74 units built in 1996, with a mix of 58 one-bedroom and 16 two-bedroom units.
Current ownership forced vacancies in 2022 and 2023 to expedite renovations and has completed renovations to 75% of the units. These renovations greatly improved the property and achieved rent premiums of more than 20%. By renovating the remaining 25% of units, new ownership will be able to realize value-add upside.
Concurrently, a buyer has an opportunity to capitalize on operational and organic income opportunities. With the property stabilized at over 90% occupancy, asking rents were raised in March of 2024 to begin capturing the organic upside. Additionally, a new owner can implement additional lease fees such as trash, pest control, and submetering for water to further increase income.
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Attachments
False
Contacts
T Furlow
(919) 412-3913
Michael Deaton
(919) 740-0490
Location
Getting Around
-
Walk Score ®
64/100
Somewhat Walkable
-
Bike Score ®
47/100
Somewhat Bikeable
- City Greenville, NC
- Neighborhood Hillsdale
- Zip Code 27834
Points of Interest
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Speedway
0.76 miles
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Citgo
1.17 miles
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Speedway
1.22 miles
-
Sheetz
1.24 miles
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Greenville NC East Carolina 2
1.71 miles
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Speedway
2.08 miles
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BP
2.21 miles
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Speedway
2.29 miles
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BP
2.52 miles
-
Speedway
2.54 miles
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Patient Parking
1.09 miles
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A1/A3
1.10 miles
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A1/A3
1.16 miles
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Outpatient Parking
1.21 miles
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Patient Parking
1.22 miles
-
Krispy Kreme
1.27 miles
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A1/A3
1.35 miles
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5 Points
1.41 miles
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A1/A3
1.41 miles
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B4
1.43 miles
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Super 8 by Wyndham Greenville
0.48 miles
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Fairfield Inn & Suites by Marriott Greenville
0.55 miles
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Holiday Inn Express Greenville, an IHG Hotel
0.61 miles
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Quality Inn
0.64 miles
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Econo Lodge
0.67 miles
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Uptown greenville hotel
0.68 miles
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Courtyard by Marriott Greenville
0.92 miles
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Affordable Suites Of America
1.01 miles
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Red Roof Inn Greenville, NC
1.24 miles
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Residence Inn by Marriott Greenville
1.31 miles
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Abrams
0.48 miles
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Ernie’s Famous Subs
0.54 miles
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Hardee's
0.56 miles
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Waffle House
0.63 miles
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Firehouse Subs
0.86 miles
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Tropical Smoothie Cafe
0.87 miles
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Burger King
0.88 miles
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McDonald's
0.90 miles
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Captain D's
0.93 miles
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Wendy's
0.95 miles
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J. H. Rose High School
0.30 miles
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South Greenville Elementary School
0.41 miles
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Fulilove School
0.62 miles
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Sadie Saulter Elementary School
0.99 miles
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ECU Main Campus
1.24 miles
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Saint Gabriel School
1.26 miles
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ECU Health Sciences Campus
1.30 miles
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ECU Athletic District
1.41 miles
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Third Street Elementary School
1.48 miles
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Eastern Carolina School of Bartending
1.48 miles
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Pitt County Headstart
4.53 miles
Frequently Asked Questions
What is the lease rate for The Avery?
Rental asking rate at The Avery is $8,500,000.00/YR.
What is the total square footage of The Avery?
The Avery totals 8 square feet.
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