Project Description: The project includes the construction of a new L-shaped apartment building over a podium, on-site parking and the adaptive reuse of the existing building for mixed-use purposes including brewery, coffeehouse, additional residential units, rooftop plaza, ancillary storage, leasing office and fitness center.

Investment Rationale: Asheville has seen considerable growth in recent years capitalizing on post- pandemic trends with in-migration fueled by flight from higher-cost cities to “lifestyle” locations in the Southeast. The Asheville apartment market has experienced nearly 50% rent growth since 2021. The market’s overall housing supply is constrained and there is very limited existing urban Class-A inventory in the downtown submarket.  We believe Asheville will continue to see rapid growth and a shift to increased urbanization considering Asheville’s reputation as a premier “mountain town” in the Southeast; combining a vibrant downtown and limitless outdoor recreation opportunities. 

Location: Premium urban location walkable to both downtown Asheville and the South Slope.

OZ Designation: Property is located in an Opportunity Zone and is eligible for tax advantages which could include deferral of recognition of capital gains invested into the project until December 31, 2026 and step-up in basis on new development.

Best-in-Class Amenities: Project will be the best amenitized apartment community in downtown Asheville featuring rooftop plaza with views of downtown and the surrounding mountains, courtyard garden and adjacent commercial space with brewery and coffeehouse.