Loss-to-Lease Burnoff: New ownership has the opportunity to take advantage of organic NOI growth through loss-to-lease burnoff. Recent leases are currently renting for over $100 per unit more than in-place leases.
Room to Grow Rents: Nearby comps are renting for almost $240 per unit higher than Spring Forest at Deerfield. Market rents have grown 1.9% YTD and grew 6.7% in 2022, according to CoStar.
Light Interior Value-Add: New ownership will have the opportunity to add value to the property through a light renovation, such as repainting common areas, replacing the countertops, painting the cabinets, replacing the fixtures, or adding stainless steel appliances.
Large Floor Plans: Spring Forest at Deerfield has an average floor plan size of 1,142 SF, which is larger than many of the surrounding comps. Over 75% of the property features 2 or 3 bed units.
Highly Regarded School System: Tenants at Spring Forest at Deerfield have access to some of Mebane’s best schools, including Garrett Elementary, Hawfields Middle, and Alamance-Burlington Early College. Alamance-Burlington Early College, the assigned high school for the property is rated 10/10 according to greatschools.org with 91% of the graduating student body pursuing college.
Outstanding School System: Residents of Spring Forest at Deerfield are within one hour of four major cities in North Carolina: Durham, Raleigh, Winston-Salem, and Greensboro.
Alamance County Demand Drivers: Alamance county is home to many demand drivers in the area including:
Additional Demand Drivers: Spring Forest at Deerfield sits near many nearby demand drivers including:
Wake County and Research Triangle Park
Raleigh Rankings: Raleigh, NC is a high ranking city with the city being nationally known as:
THIS CONFIDENTIALITY AND BROKERAGE AGREEMENT ("Agreement") is made and agreed to by you ("Prospective Buyer") for the benefit of THE KIRKLAND COMPANY ("Broker"), with respect to certain real property ("Spring Forest at Deerfield") located in Mebane, North Carolina.
1 The Offering Memorandum has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the Property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective buyer may need or desire. All projections have been developed by Broker and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Owner and therefore are subject to variation.
NOW THEREFORE, the parties agree, in consideration of the covenants and agreements contained herein, as follows:
By submitting this form, you have acknowledged, read, and agreed to this above Confidentiality and Brokerage Agreement.
THIS CONFIDENTIALITY AND BROKERAGE AGREEMENT ("Agreement") is made and agreed to by and between THE KIRKLAND COMPANY ("Broker"), and "Prospective Buyer" with respect to the sale of certain real property located in Mebane, North Carolina and known as Spring Forest at Deerfield (“Property”).