Capital Square Acquires North Carolina Portfolio
The two properties are located in high-growth areas near major employers.
Asheville, N.C., community portfolio. Image courtesy of Capital Square
Capital Square has acquired the Asheville NC Apartment Portfolio comprising two multifamily communities in Asheville, N.C. In total, the assets have 305 apartments. The firm made the purchase on behalf of a private placement offering, CS1031 Asheville NC Apartment Portfolio, DST. The Delaware statutory trust investment offering is seeking $73.1 million in equity.
One of the properties, River Mill Lofts, has 253 units located at 100 River Mill Drive. The other nearby asset is the Skyloft Apartments, located at 500 S. Skyloft Drive, with 52 apartments. Both communities are in high-growth areas, with Asheville rents rising 25% over 12 months ending in January, according to a report by Apartment List.
“Capital Square is excited to add two more Asheville assets to our portfolio,” Whitson Huffman, chief strategy officer for Capital Square, told Multi-Housing News. “This dynamic, high barrier-to-entry market is uniquely positioned to continue the high growth the rental market has been experiencing.”
Cushman & Wakefield’s Michael Saclarides and Devin Bryan brokered the deal. According to Yardi Matrix data, River Mill Lofts sold for $42 million, or $166,403 per unit. Also according to Yardi Matrix data, Skyloft Apartments sold for $14.2 million, or $273,076 per unit.
READ ALSO: 24/7 Store It Buys North Carolina Facility
North Carolina’s largest health system, Mission Health, has its flagship medical center less than 2 miles from the portfolio, employing more than 10,000 people in Asheville and western North Carolina. Pratt & Whitney, an aerospace manufacturer, is set to build a 1 million-square-foot center 3 miles from the property, which will add 800 jobs by the end of 2022.
Other nearby amenities include downtown Asheville, the Greater Asheville wilderness, the Swannanoa River and Biltmore Village. Biltmore Village is a historical enclave modeled after an English village, featuring shops, restaurants, cafes and breweries.
The communities are on more than 10 acres of land and feature one-, two- and three-bedroom apartments. Units average 1,120 square feet. River Mill Lofts residents have access to the Swannanoa River, a clubhouse and a swimming pool, while Skyloft Apartments has outdoor fire pits, grilling areas and a pet park.
Last month Capital Square secured long-term financing for a community in Richmond, Va., as well as acquired a multifamily asset in Woodbridge, Va.
