Transcontinental Realty Investors Acquires 201-Unit The Lofts at Reynolds Village in Asheville, North Carolina

DALLAS, TX - Transcontinental Realty Investors (TCI), Southern Properties Capital, and Abode Properties, a Texas real estate investment chain of companies, recently closed on their newest Class A asset, The Lofts at Reynolds Village (The Lofts).

The Lofts at Reynolds Village is a 201-unit facility in Asheville, NC situated in the walkable community of Merrimon Avenue. The property is conveniently close to commerce and retail with easy access to I-26. With its modern design, convenient location, and efficient and energy saving details.

The Lofts offers the ease of apartment living with all the amenities you would expect in luxury condo ownership. Each unit comes with a washer and dryer, granite countertops, upgraded kitchen cabinets, and plantation shutters. The exterior amenities include a resort style pool with sauna and Jacuzzi, lush landscaping, elevators, and a recycling program.

Asheville, North Carolina is the largest city in Western North Carolina with over 80,000 residents. The Asheville-Brevard metropolitan area includes four counties with a combined population of almost 400,000. Asheville has been listed as one of the "Top 25 Small Cities for Art" several times by American Style magazine and Southern Living named it "One of 10 Tastiest Towns in the South" in 2013. The city is located in the beautiful Blue Ridge Mountains and is known for its white water rafting. In 2016 Asheville ranked 40th in Forbes Magazine’s “Best Places for Businesses and Careers.”

The combination of a strong job market, notable performing arts, vibrant dining scene, and outdoor recreation fits TCI’s overall approach to the types of geographic areas chosen to develop and acquire new assets.

“We are always searching for exciting markets in which to expand. All of the above mentioned strengths of the Asheville market and the opportunity to acquire such a fantastic asset fall perfectly in line with our strategy to add assets in select markets with the strongest growth potential,” commented Executive Vice President of Multi-Family Operations, Brad Kyles.