Capital Square, one of the nation’s leading sponsors of tax-advantaged real estate investments and a developer of mixed-use multifamily communities, today announced the acquisition of Asheville NC Apartment Portfolio, a two-property multifamily portfolio comprised of a total of 305 apartment homes in Asheville, North Carolina. The portfolio was acquired on behalf of CS1031 Asheville NC Apartment Portfolio, DST, a private placement offering that seeks to raise $73.1 million in equity from accredited investors and has a minimum investment requirement of $50,000.
“Once again, Capital Square remains ahead of the curve with this two-property multifamily acquisition in Asheville, North Carolina,” said Louis Rogers, founder and chief executive officer of Capital Square. “Asheville has a strong economy in a bucolic environment. With apartment rents increasing 25 percent, Asheville has experienced the strongest growth in multifamily rental rates of any metro in North Carolina, according to WTVD. This makes the Asheville NC Apartment Portfolio an excellent option for investors seeking stable cash flow and appreciation.”
Asheville NC Apartment Portfolio includes the 253-unit River Mill Lofts, located at 100 River Mill Drive, and the 52-unit Skyloft Apartments, located nearby at 500 S Skyloft Drive. The 10.887-acre portfolio offers one-, two- and three-bedroom units averaging 1,120 square feet. The spacious floorplans include high-end finishes such as granite countertops, stainless-steel appliances and subway tile backsplashes. Community amenities at River Mill Loft include access to the scenic Swannanoa River, a well-appointed clubhouse and a swimming pool. Skyloft Apartments residents may enjoy an outdoor fire pit and community grilling area and a fenced pet park. Both properties are within a ten-minute drive of downtown Asheville.
Known for its sweeping mountain views and beautiful scenery, Greater Asheville is home to more than a million acres of protected wilderness, offering hiking, biking, paddling and many other activities to its residents. Mission Health, an operating division of HCA Healthcare, and North Carolina’s largest health system is located in Asheville. The system’s flagship medical center, an 815-bed Mission Hospital, is less than two miles from each property. It ranks as the top employer in Asheville and western North Carolina, employing more than 10,000 people. Aerospace manufacturer, Pratt & Whitney, is currently investing $650 million to build a one-million-square-foot advanced manufacturing center, approximately three miles from the property. The facility is expected to open by the end of 2022 and is forecasted to add 800 local jobs, with an annual payroll of nearly $55 million.1,2
“With a 2.8 percent unemployment rate, historical sites, and stunning views, Asheville is a compelling location,” said Whitson Huffman, chief strategy and investment officer. “The city has a thriving economy and is an excellent place for those seeking the prototypical live-work-play balance.”
Biltmore Village, a historical enclave at the entrance to the Biltmore Estate, is within walking distance of River Mill Lofts. The village was modeled after an English village and features numerous shops, nearly a dozen restaurants and cafes and several craft breweries. Both properties are located near downtown Asheville, which is known for its prolific food scene, having just been named the top food destination in the U.S. for 2022 by Travel & Leisure.
Michael Saclarides, Devin Bryan and Jacqui Aaron of Cushman & Wakefield were the brokers in the transaction.
Since its founding in 2012, Capital Square has acquired 154 real estate assets for over 6,000 investors seeking quality replacement properties that qualify for tax deferral under Section 1031 of the Internal Revenue Code and other investors seeking stable cash flow and capital appreciation.
