The Avery

Property Description

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.