Cushman & Wakefield announced that the commercial real estate services firm arranged the sale of The Holston, a newly constructed 238-unit apartment community in the Weaverville submarket of Asheville, North Carolina.
Cushman & Wakefield’s Michael Saclarides, Louis Smart, and Devin Bryan represented the seller, Crest Residential, in the transaction. The apartment community was acquired by LaSalle Investment Management.
“As a premier suburban apartment community in North Carolina’s fastest growing leisure market, The Holston is well positioned for long term success,” said Saclarides, Senior Director at Cushman & Wakefield. “Leisure markets across the Sunbelt are experiencing outsized rent growth as inward migration has remained strong coming out of the pandemic. It’s very difficult to develop in Asheville due to the lack of suitable land, so there is limited supply and market fundamentals are strong.”
Completed this year, The Holston provides seamless connectivity to downtown Asheville via Interstate 26 and US 25/US 70, while maintaining the benefits of suburban living. The community has units equipped with premier interior finishes and sophisticated design, picturesque mountain views, and a best-in-market amenity package.
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group is a 98-person investment sales team covering 11 states with No. 1 multifamily market share in that region based on sales volume and transactions reported to CoStar. Per Cushman & Wakefield, in 2021, the group closed $13.8 billion in sales volume through 429 deals and nearly 85,000 units.