The Reserve at Asheville to Undergo Upgrades
Cushman & Wakefield has arranged the sale of The Reserve at Asheville, a 380-unit apartment community located in Asheville, North Carolina. Watson Bryant, Marc Robinson and Jordan McCarley of Cushman & Wakefield represented the seller, Carlisle Residential Properties, in the transaction. Graycliff Capital Partners acquired the property.
“The sale of The Reserve at Asheville was with mixed emotions. This was a very unique property as it offered individual, townhouse-style entrances, and expansive floor plans with direct unit access from garages in many of the units,” said Matthew M. Rankin, President & CEO of Carlisle Residential Properties. “Our decision to exit was primarily driven by our investor hold period parameters. The team at Cushman & Wakefield did an outstanding job managing the process of the sale, and Graycliff was a pleasure with which to work and their management team ensured a smooth transition.”
“The Reserve at Asheville fits well with Graycliff’s strategy for investing in underserved submarkets of areas with tremendous growth potential,” said Paul Aiesi, partner at Graycliff. “The property’s location offers a perfect balance of convenience to downtown and affordability – a win-win for Graycliff and the residents of Reserve. This acquisition complements our existing holdings in the Asheville area and we look forward to announcing upgrades and enhancements in the coming months.”
Built in 2008, The Reserve at Asheville has averaged 94.7% occupancy over the past two years and is situated along Highway-63, a major Asheville thoroughfare.
“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.”
Cushman & Wakefield’s Sunbelt Multifamily Advisory Group ranks No. 1 in Sunbelt market share based on over 300 transactions and $7.0 billion in multifamily and land investment sales in 2019 (Source: Real Capital Analytics www.rcanalytics.com). Market share reflects sales for Alabama, Arkansas, Northwest Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas. For more information, visit https://multifamily.cushwake.com.
Graycliff Capital in the Carolinas
Graycliff Capital has developed multiple luxury apartment communities in the Carolinas in recent years. Over the past decade, Graycliff’s geographic reach has extended beyond the Carolinas to other parts of the Southeast, including Tennessee. Graycliff’s portfolio also includes multifamily communities in the Mid-Atlantic region, as well as Ohio and Pennsylvania.
About Graycliff Capital Partners, LLC
Headquartered in Greenville, S.C., Graycliff Capital Partners is a multifamily development and investment company with focus on the Southeast and Mid-Atlantic regions of the United States. Since its founding in 2010, Graycliff has acquired and developed more than 9,800 apartment units, executing approximately $1.5 billion in transactions. Graycliff’s core strategy is based on investing in areas with established economic growth and high barriers to entry. Graycliff is passionate about supporting local non-profits making positive impacts in their respective communities. For more information, visit www.graycliffcapital.com.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
