Clarion Fund Acquires North Carolina Community
Built in 2021, the Asheville property is nearing full occupancy.
Clarion Partners Real Estate Income Fund has acquired a recently built community in Asheville, N.C. The Clarion Partners fund, which is managed by Franklin Templeton, purchased Retreat at Weaverville from Graycliff Capital for $52.8 million, according to Yardi Matrix data.
The 176-unit property was built in 2021 and offers one-, two- and three-bedroom units ranging from 882 to 1,338 square feet. The property comprises seven three-story and four-story buildings. Apartments were built with nine-foot ceilings, kitchen islands, in-unit washer and dryer units, walk-in closets, and private patios or balconies. Retreat at Weaverville’s common amenities include a clubhouse, coffee bar, dog wash station, dog park, fitness center, yoga and spin room and pool, as well as office workspaces.
Located at 61 Garrison Branch Road, Retreat at Weaverville is within a mile of Interstate 26, connecting residents to other cities. The property is two hours from Charlotte, N.C., and four hours from Atlanta.
Janis Mandarino, senior vice president of portfolio management at Clarion Partners, told Multi-Housing News that the community was rapidly leased up and stabilized in less than nine months, despite facing competition from a neighboring asset. The community is now more than 93 percent occupied, according to Mandarino.
According to CPREIF, a newly selected property manager plans to conduct upgrades to the community’s amenities over the course of the next year. These will include upgrades to pool furniture, enhancing the clubhouse, installing property access gates and adding a parcel locker, as well as new landscaping. Mandarino told MHN that there were no unit upgrades scheduled at this time.
A geographically diverse fund
CPREIF targets stabilized, well-leased or cash flow-producing properties in markets with favorable growth prospects. The fund’s portfolio is geographically diverse with assets in Denver, Las Vegas, Nashville, Texas and California. The fund’s investments include multiples property types including residential, student housing, retail, life science, creative office, mixed-use and industrial properties.
In August, CPREIF acquired three fully leased warehouse and distribution buildings in California’s Inland Empire West submarket totaling 109,644 square feet. The fund also offers financing solutions, having previously refinanced student housing communities in Boulder, Colo., owned by Brickstone Partners.