April 7, 2020
Greenville, SC-based Graycliff Capital Partners acquired The Reserve at Asheville, a 380-unit apartment community located in Asheville, NC from Carlisle Residential Properties. Built in 2008, the property has averaged 94.7% occupancy over the past two years and is situated along Highway 63, a major Asheville thoroughfare.
Graycliff’s Paul Aiesi says, “The Reserve at Asheville fits well with Graycliff’s strategy for investing in underserved submarkets of areas with tremendous growth potential. The property’s location offers a perfect balance of convenience to downtown and affordability – a win-win for Graycliff and the residents of Reserve.
Cushman & Wakefield’s Watson Bryant, Marc Robinson and Jordan McCarley represented the seller.
“The Reserve at Asheville is a unique asset with some of the largest floorplans in Asheville,” Bryant said. “The property is a great addition to Graycliff’s impressive Asheville portfolio, and makes Graycliff one of the largest owners in the city.”
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