The Avery
Greenville, NC
Property Overview
Summary
- ADDRESS 1600 W. Arlington Boulevard, Greenville, NC 27834
- YEAR BUILT 1986 & 1996
- NUMBER OF UNITS 168
- PITT COUNTY PIN # 4677555051
- AVG UNIT SIZE 581 SF
- TOTAL RENTABLE SF 97,568 SF
- AVG IN-PLACE RENT $847
- AVG ASKING RENT $937
- OCCUPANCY 91%
- ACREAGE 8.14
VALUE-ADD and ORGANIC UPSIDE
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.
Our Team
Deaton is proud to do business with a handshake as easily as we do over the Internet, because the goal is always the same: earn, keep and respect the customer’s business.
Located in the Triangle region of North Carolina, encompassing Raleigh, Durham, and Chapel Hill, DEATON | GREA specializes in brokering income-producing properties. Throughout all of North Carolina, we maximize opportunities for buyers and sellers of apartments. We work with individual investors to private capital, family offices, and institutional firms. Deaton’s transaction volume exceeds $3.7 billion in multifamily sales.
The company was founded in 1981 by Steve Deaton, who still operates it today. In December of 2023, Deaton joined Global Real Estate Advisors (GREA), a leading player in the multifamily brokerage, lending, and investment advisory sector. This strategic partnership allows Deaton to maintain it’s presence as an independently owned and operated, boutique brokerage firm, with access to a national platform of advisory resources, tools, and clients.