Graycliff Capital Partners Expands North Carolina Footprint
The firm has acquired the 380-unit Reserve at Asheville, a townhome-style apartment community in Asheville, N.C.
Graycliff Capital Partners LLC has expanded its Asheville, N.C., holdings with the acquisition of the 380-unit Reserve at Asheville apartment community. The seller and the price paid by Graycliff Capital were not made public.
Graycliff Capital now owns 1,024 units in the Asheville market, including The Meadows, a 392-unit apartment community it purchased from Bell Partners Inc. in February 2016. The Reserve at Asheville is operated by NHE Inc., which manages The Meadows and River Ridge, also owned and operated by Graycliff Capital.
Paul Aiesi, partner at Graycliff Capital, said in a prepared statement the new acquisition complements the firm’s existing holdings in the Asheville area. He noted the property fits in well with Graycliff Capital’s strategy for investing in underserved submarkets with tremendous growth potential. Aiesi added the firm will be announcing upgrades to the property within the next several months.
Located at 11 Asheville Springs Circle along Highway 63, the Reserve at Asheville was built in 2008 and has averaged 94.7 percent occupancy over the past two years. The asset has studio, one-, two- and three-bedroom townhome-style apartments that feature open-concept kitchens with granite countertops and full appliance packages, natural hardwood flooring and carpeting. Bathrooms have walk-in showers or garden tubs. Community amenities include a resort-style pool with outdoor kitchen and grilling stations, car wash, dog park, outdoor movie theater, a clubhouse with breakfast and coffee concierge, business center, fitness center and laundry facilities. The property has views of the Blue Ridge Mountains and trail access to the Pisgah Nature Preserve.
Graycliff Capital has developed multiple luxury multifamily properties in the Carolinas in recent years. The firm is also active in other parts of the Southeast including Tennessee and also has properties in the Mid-Atlantic region, Ohio and Pennsylvania.
In January, Graycliff Capital Development received a $39.1 million construction loan from CIBC for a 364-unit multifamily project in Antioch, Tenn., called Waterleaf at Antioch Apartments. The Class A project, located about 15 miles of Nashville’s central business district, is scheduled for delivery in spring 2021. In late February, Graycliff Capital announced its newest development, Waterleaf at Keys Crossing, a 241-unit Class A apartment community in Greenville, S.C., that expects to have its first units available this spring.