Capital Square Acquires North Carolina Portfolio

Capital Sq. has acquired the Asheville NC Condominium Portfolio comprising two multifamily communities in Asheville, N.C. In whole, the belongings have 305 flats. The agency made the acquisition on behalf of a personal placement providing, CS1031 Asheville NC Condominium Portfolio, DST. The Delaware statutory belief funding providing is searching for $73.1 million in fairness.

One of many properties, River Mill Lofts, has 253 models situated at 100 River Mill Drive. The opposite close by asset is the Skyloft Flats, situated at 500 S. Skyloft Drive, with 52 flats. Each communities are in high-growth areas, with Asheville rents rising 25% over 12 months ending in January, in keeping with a report by Condominium Listing.

“Capital Sq. is worked up so as to add two extra Asheville belongings to our portfolio,” Whitson Huffman, chief technique officer for Capital Sq., advised Multi-Housing Information. “This dynamic, excessive barrier-to-entry market is uniquely positioned to proceed the excessive progress the rental market has been experiencing.”

Cushman & Wakefield’s Michael Saclarides and Devin Bryan brokered the deal. In accordance with Yardi Matrix knowledge, River Mill Lofts bought for $42 million, or $166,403 per unit. Additionally in keeping with Yardi Matrix knowledge, Skyloft Flats bought for $14.2 million, or $273,076 per unit.

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North Carolina’s largest well being system, Mission Well being, has its flagship medical middle lower than 2 miles from the portfolio, using greater than 10,000 folks in Asheville and western North Carolina. Pratt & Whitney, an aerospace producer, is ready to construct a 1 million-square-foot middle 3 miles from the property, which is able to add 800 jobs by the top of 2022.

Different close by facilities embrace downtown Asheville, the Higher Asheville wilderness, the Swannanoa River and Biltmore Village. Biltmore Village is a historic enclave modeled after an English village, that includes outlets, eating places, cafes and breweries.

The communities are on greater than 10 acres of land and have one-, two- and three-bedroom flats. Items common 1,120 sq. toes. River Mill Lofts residents have entry to the Swannanoa River, a clubhouse and a swimming pool, whereas Skyloft Flats has outside hearth pits, grilling areas and a pet park.

Final month Capital Sq. secured long-term financing for a group in Richmond, Va., in addition to acquired a multifamily asset in Woodbridge, Va.