Berkadia, a distinguished leader in the commercial real estate sector, announced the sale and financing of Highline North, a 168-unit garden-style multifamily property in Asheville, North Carolina.
Senior Managing Director Caleb Troop, Director Thomas Colaiezzi, and Associate Director Matt Robertson of Berkadia Charlotte led the $43.75 million sale on behalf of the seller, North Carolina-based Carlisle Residential Properties. The buyer is South Carolina-based Graycliff Capital, a leading developer/owner in the multifamily sector, based in Greenville – a short drive from Asheville.
“This apartment community came together post-Helene and has been resilient in meeting the needs of everyone who calls Highline North home,” said Troop. “I have no doubt the property is in great hands with Graycliff and will continue to be market leader in Asheville.”
Located at 602 Highline Drive and built in 2023, Highline North won the 2024 CoStar Impact Award for Multifamily Development of the Year. The community offers a variety of units, including one-, two-, and three-bedroom apartments, as well as three-bedroom townhomes, with sizes ranging from 822 to over 1,500 square feet. The apartments feature open-concept floor plans with nine-foot ceilings, oversized windows, and spacious walk-in closets. The kitchens are modern, boasting granite countertops and energy-efficient stainless-steel appliances. Additional amenities include wood-plank vinyl flooring, carpeted bedrooms, in-unit washers and dryers, and patios or balconies.
Directors Jeremy Lynch and Jake Adoni of Berkadia’s Philadelphia office secured acquisition financing through Freddie Mac on behalf of Graycliff. The deal closed on May 15.
Graycliff Principal and Chief Executive Officer Caitlin Steelman noted, “Graycliff is purposeful about investing in underserved submarkets of areas with tremendous growth potential. Highline North fits well with this strategy and its acquisition complements our existing holdings in the Asheville area – offering a perfect balance of high-quality, affordable living and convenience to downtown.
The community offers a range of amenities, including a fitness center equipped with cardio and weightlifting gear, a clubhouse featuring a TV lounge, wet bar, and shuffleboard, a pet spa and park, a salt-water swimming pool, an outdoor social lounge with a grill area, Amazon package lockers, detached garages, and electric vehicle charging stations.
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.
