Magma Equities in joint venture with Prudent Growth Partners has acquired Keystone Apartments, a 202-unit multifamily community in Fayetteville, N.C., in an off-market transaction for $23.7 million.
Keystone is Magma’s 18th acquisition in the state over the past four years and its third acquisition in North Carolina this year.
“As we expand our investment platform in North Carolina and surrounding markets, it was a logical and inevitable step to have boots on the ground in the state,” said Ryan Hall, Magma founder and managing principal. “Not only will we be able to better identify investment opportunities in key multifamily markets within the area, the new office allows us to further our current relationships there and develop new ones.”
Constructed in 1974 and renovated in stages from 2018 through 2021, Keystone’s one- and two-bedroom apartment homes are housed in 28 two-story residential buildings on a low-density 19.13-acre site.
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