ASHVILLE, NC - Clarion Partners Real Estate Income Fund has strategically added to its property holdings with the acquisition of Retreat at Weaverville, a 176-unit multifamily community located in Asheville, N.C.
Located within two hours of Charlotte, N.C. and four hours of Atlanta, Asheville is a thriving mountain city that offers residents and tourists access to extensive outdoor activities via the Blue Ridge Mountains and surrounding national forests. Asheville continues to expand its employment base in hospitality, healthcare, manufacturing and science and technology, driving higher than national-level population growth. Retreat at Weaverville is located within one mile of Interstate 26, providing direct access to the Asheville Regional Airport and numerous retail and lifestyle amenities in downtown Asheville and the River Arts District.
“With its strong market fundamentals, multifamily remains well-positioned to weather today’s challenging economic conditions,” said Managing Director and Clarion Partners Real Estate Income Fund Portfolio Manager Rick Schaupp. “This particular property was an excellent opportunity to acquire a newly constructed and stabilized community in a growing submarket with compelling resident demographics. We believe Retreat will be a strong addition to the fund’s holdings as Asheville continues to attract more and more young professionals looking for the best of both city life and the great outdoors.”
Completed in 2021, Retreat sits on a 16.85-acre site and is comprised of seven three- and four-story, wood-framed residential buildings with ample open-surface parking spaces and 28 detached garages. Current community amenities include a clubhouse, coffee bar, dog wash station and off-leash dog park, fitness center, yoga and spin room, office workspaces and a swimming pool. The newly selected property manager will complete numerous amenity upgrades over the next year, including pool furniture upgrades, clubhouse enhancements, the installation of property access gates, the addition of a parcel locker and elevated landscaping.
Source: Clarion Partners Real Estate Income Fund