ASHEVILLE, NC - Capital Square, one of the nation's leading sponsors of tax-advantaged real estate investments and an active developer of mixed-use multifamily communities, announced the acquisition of Retreat at Arden Farms Apartments, a 312-unit apartment community in the Asheville suburb of Arden, North Carolina. The community was acquired on behalf of CS1031 Retreat at Arden Farms Apartments, DST.
"Asheville, North Carolina has been on Capital Square's radar for some time," said Louis Rogers, founder and chief executive officer of Capital Square. "We are thrilled to expand the Capital Square footprint to Ashville in order to deliver exceptional investment programs to a growing number of Section 1031 exchange and cash investors nationwide."
Nestled in the midst of the Blue Ridge mountains at 539 Long Shoals Road, the 28-acre apartment community offers one-, two- and three-bedroom units averaging 957 square feet with high-end finishes including tile backsplashes, stainless-steel appliances, 9-foot ceilings, walk-in closets and a balcony or patio. The community amenities include a grand clubhouse with a lounge, cyber café with a coffee station, resort-style saltwater pool, 24/7 state-of-the-art fitness center, wellness studio, poolside grilling area, "bark park," electric car charging stations and private garages and storage units.
The highly amenitized property offers sweeping mountain views with convenient access to numerous outdoor activities. The property also benefits from direct access to Interstate 26, providing a 15-minute drive to downtown Asheville. Biltmore Park Town Square, a mixed-use retail center featuring restaurants, shopping and entertainment, is located just 1.5 miles from the property. Whole Foods, Publix and numerous dining options are within a 10-minute drive.
The scenic property is only nine miles from The Biltmore Estate, George Vanderbilt's 250-room castle that is America's largest home and a prominent tourist attraction, according to the City of Asheville. The 8,000-acre grounds, which feature gardens, trails and parklands, are located directly north of the property. For decades, tourists and retirees alike have been drawn to the area's natural beauty, culture, amenities and small-town feel.
"Asheville gained over 9,000 jobs within a twelve-month period ending in February and registered an unemployment rate of only 2.9%, indicative of a strong local economy,"said Whitson Huffman, chief strategy and investment officer. "The area continues to incubate regional economic growth, as evidence by the recent announcement by aerospace manufacturer Pratt & Whitney that they are investing $650 million to build a one million-square-foot advanced manufacturing center approximately 3 miles from the property, which will lead to 800 permanent, high-paying local jobs."
Asheville has averaged over 1,000 new apartment units per year from 2014-2021 while maintaining 96% average occupancy, according to CoStar.4 A limited future supply is anticipated due to affordable housing and other local government requirements. Additionally, a rapidly growing population will drive rent growth, according to the local ABC affiliate and Citizen Times news.