Summary

Fieldstone, a 240 unit apartment complex, is located in Mebane, North Carolina. Approximately twenty miles west of the city of Durham, Mebane is known as a bedroom community of the Raleigh/Durham metropolitan area.  The complex is located in Alamance County, which is within easy commuting distance of the new FedEx facility in adjacent Guilford County and the Dell Computer Plant in Forsyth County.

Alamance County is located in the Piedmont Region of North Carolina, midway between Greensboro and Durham along Interstate 40/85. It is centrally located between the Blue Ridge Mountains to the west and the Atlantic seaboard to the east. This region is also referred to as the Triad region of the state. The Triad is a major metropolitan area in the central part of North Carolina that encompasses three major cities, eight counties and over 1.25 million people. The three major cities that comprise the Triad are Greensboro, Winston-Salem, and High Point.

The on-site staff at Fieldstone has stated that a substantial percentage of their new tenants coming to the property are relocating from Durham, an area with a very high concentration of high-tech employment. The close proximity to the Research Triangle is spilling over as high-tech employment in Burlington accounts for more than four percent of total area jobs, higher than in the other Triad metro areas.

At the time of acquisition the property was 92% occupied. The investment has an income and capital appreciation investment profile with the current return representing 46% of the total return over five year holding period.