Keystone Apartments

Magma Equities, Prudent Growth Acquire $23.7M Multifamily Property in Fayetteville, North Carolina

by Julia Sanders

FAYETTEVILLE, N.C. — A joint venture between Manhattan Beach, Calif.-based Magma Equities and Chapel Hill, N.C.-based Prudent Growth Partners has acquired Keystone Apartments, a 202-unit multifamily community in Fayetteville, for $23.7 million. The seller was not disclosed.

Constructed in 1974 and renovated in stages from 2018 through 2021, Keystone offers one- and two-bedroom floorplans. Located at 425 Woodstream Trail, the property features 28 two-story residential buildings on a 19.1-acre site. Community amenities include a pool, fitness center, onsite property management and 24-hour maintenance.

The joint venture plans to spend $1.5 million renovating units and improving the common areas, such as the leasing office, fitness center, pool area and other outdoor amenities.

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