August 21, 2019
Chicago-based real estate investment firm GEM Realty Capital has acquired The District, a 309-unit apartment community in Asheville for $71.5 million.
Located at 100 District Dr., the community is in the city’s southern infill submarket, and is within a five-minute drive of five of the largest 10 employers in Buncombe County. Amenities include a 2,300-square-foot clubhouse with fitness center, game room, lounge, business center and cybercafé as well as a heated salt-water pool, fenced-in dog park, picnic area with six grills and a covered car care center.
Jordan McCarley, Marc Robinson, and Watson Bryant of Cushman & Wakefield represented the seller, Flournoy Development, in the transaction.
For comments, questions or concerns, please contact David Cohen