The owner of a former 1950s-era motel in Fayetteville says renovations to the property are complete and the apartment complex is ready for tenants.
Preston Wright, president of Fayetteville-based Danco Construction Co., says the Twin Arch Apartments at 525 N. College Ave. received its certificate of occupancy last week from city building inspectors. The development has 17 upscale apartments. Three of the units are leased, Wright said, with three others in the leasing process.
Lease rates are roughly $25 per square foot. Most units include one bedroom and range in size from 430 to 520 square feet. An 813-square-foot unit with two bedrooms is also available.
Each unit is fully furnished, with utilities and wireless internet provided.
Danco bought the property last year from Fayetteville developer Mark Zweig for $1.54 million. Zweig had been renovating the long-vacant property since 2016. The rebuild was about 75% complete when Zweig sold to Danco. Wright said Danco spent about $500,000 to finish the renovation.
Zweig, through his Mark Zweig Inc. business, bought the Twin Arch for $150,000 on Dec. 15, 2015.