Monday Properties, 13th Floor Investments and RSN Property Group Acquire The Summit on 401 in Fayetteville, NC

Monday Properties, 13th Floor Investments and RSN Property Group announce the acquisition of The Summit on 401, a 291-unit apartment community located at 3325 Oak Forest Drive in Fayetteville, NC.

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This represents the third property acquisition for Monday Properties and RSN Property Group in the past six months for a total of 727 units, following their successful purchase of Villas at Princeton Lakes in the Atlanta region in late 2024 and their recent investment in Eagle Creek Landing in the Dallas-Fort Worth market.

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The acquisition also marks Monday Properties’ entry into the North Carolina multifamily market and South Florida-based 13thFloor Investments’ second in the state this year, following its February purchase of The Belmont, a 312-unit community near Duke University in Durham.

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“Successfully executing on our multifamily value-add platform with this third transaction in under six months is a notable achievement in today’s challenging real estate climate,” said Anthony Westreich, Co-Chief Executive Officer and Founding Partner, Monday Properties. “The acquisition of The Summit on 401 reflects Monday Properties' commitment to growing in regions with strong fundamentals. By implementing targeted improvements at the property, we will be positioned to deliver exceptional value to our residents and investors alike.”

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“The acquisition of The Summit on 401 aligns with our strategy of investing in value-add multifamily properties located in markets with strong underlying fundamentals,” said David Resnick, Chief Investment Officer at 13th Floor Investments. “Fayetteville’s economic growth and demand drivers make this a compelling addition to our expanding portfolio.”

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“Our team's deep market knowledge enabled us to identify The Summit on 401 as a property with tremendous potential, creating substantial upside for our investors while contributing to Fayetteville's dynamic housing landscape,” said Reed Goossens, Founder and Chief Executive Officer, RSN Property Group. “Fayetteville's growth is driven by a diverse array of sectors including military, healthcare, logistics and manufacturing that support steady expansion.”

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The Summit on 401 offers spacious one-, two-,and three-bedroom homes with top-tier amenities including a resort-style pool, fitness center, clubhouse and pet spa. Prior to the purchase, 103 units had been renovated, and Monday Properties will lead the upgrades of the remaining 188 apartments to include new kitchen backsplashes, new paint and flooring, updated lighting, cabinet refinishing with new hardware and washer/dryer installations.

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Fayetteville represents a strategic market entry for Monday Properties in North Carolina, which is anchored by Fort Bragg. As the largest military base in the United States, it supports over 66,000 military and DoD jobs and contributes an estimated $8 billion annually to the local economy. The city's growing demand for housing is further supported by major employers including Amazon, Goodyear and Cape Fear Valley Medical Center, with recent investments like American Titanium Metal's $868 million facility underscoring institutional confidence in the area.

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North Carolina was the third fastest-growing state in the U.S. in 2023 according to U.S. Census data, adding more than130,000 new residents. With Fayetteville's population projected to outpace new housing supply over the next five years and 56% of residents renting, the multifamily fundamentals in this market remain exceptionally strong.

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