Karen Lake Apartments 3605 Sapphire Rd 64 Unit Apartment Building For Sale Fayetteville, NC 28303

Karen Lake Apartments is a 64-unit multifamily community located at 3605 Sapphire Road in Fayetteville, North Carolina, within the Bonnie Doone submarket. Built in 2005, the property consists exclusively of two-bedroom / two-bath units averaging approximately 1,200 square feet, offering larger floor plans than much of the surrounding competitive inventory. The asset is currently operating at approximately 95–97% occupancy, reflecting stable operations and consistent renter demand.
Karen Lake presents investors with the opportunity to acquire a well-maintained, newer-vintage community in one of Fayetteville’s more established residential corridors. The property operates as a clean, stabilized asset with limited day-one execution risk, making it well-suited for investors seeking durable in-place cash flow with measurable rental upside rather than a heavy repositioning strategy.
Current average in-place rent is approximately $1,196 per unit, with recent lease trade-outs ranging from $1,210 to $1,285, demonstrating embedded mark-to-market potential within the existing rent roll. Continued rent growth is expected as leases roll and units are repositioned to market levels.
Karen Lake Apartments is being offered individually or as part of a three-property Fayetteville portfolio alongside Village Chase and Rim Creek, providing investors flexibility to acquire either a standalone stabilized asset or scale within the Fayetteville market.

SITE TOURS: April 28th & April 29th
CALL FOR OFFERS: May 13th