GEM Realty Pays $72M for Asheville Community
The recently completed property is located in historic Biltmore Village and includes nearly two dozen affordable units.
Flournoy Development has sold a 309-unit residential community in Asheville, N.C. to GEM Realty Capital for $71.5 million. GEM secured a $46.7 million Fannie Mae loan for the acquisition, originated by Walker & Dunlop, according to Yardi Matrix data. A Cushman & Wakefield team of Jordan McCarley, Marc Robinson and Watson Bryant represented the seller in the deal.
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Completed last year, The District is located at 100 District Drive in the historic Biltmore Village neighborhood and offers a mix of one-, two- and three-bedroom apartment units with an average size of 1,030 square feet. Of the units, 22 are designated affordable housing.
The community also offers 5 “live-work” units, ranging in size from 1,667 to 2,990 square feet. Situated just 3 miles from downtown, the property’s location offers easy access to nearby attractions and higher education, including the University of North Carolina Asheville.
Resident amenities at The District include a 2,300-square-foot clubhouse, fitness center, game room, lounge, saltwater swimming pool, dog park, picnic area and a covered car care center. Apartment interior amenities include high-speed internet access, microwaves and in-unit washers and dryers. The residential development also includes 10,000 square feet of retail.
Last fall, California-based Passco Companies made its first foray into the Asheville market with its acquisition of Asheville Exchange, a 312-unit Class A rental community, for $57 million.