BALTIMORE, MD - Continental Realty Corporation (CRC), a Baltimore-based real estate investment and management company active in 14 states, announces the acquisition via purchase of REIT stock of the Lofts at Reynolds Village, a 201-unit multifamily community which contains approximately 63,000 square feet of ground floor retail space, in Asheville, North Carolina. This acquisition marks CRC’s twelfth multifamily community in North Carolina and the first in Asheville, aligning with the company’s strategy to expand its presence in key markets and enhance its portfolio.
“Lofts at Reynolds Village highlights the ability of our team to secure assets in a competitive environment,” stated Matthew Joiner, CRC’s Head of Multifamily Acquisitions. “CRC was selected due to our distinct ability to manage both the residential portion and the substantial ground floor retail component of the project. The opportunity aligns well with this investment vehicle’s value-add strategy and benefits from the economies of scale created by the firm’s broader presence across the Carolinas.”
The multifamily component of Lofts at Reynolds Village was 95 percent occupied at the time of the transaction, and the retail component was 91 percent leased, with 33 tenants. The property was formerly owned by an affiliate of Lone Star Real Estate Fund VI, L.P., and Michael Saclarides of Walker & Dunlop represented the seller in the transaction.
Delivered in 2010, Lofts at Reynolds Village is a mid-rise multifamily community comprised of one-, two- and three-bedroom floorplans ranging from 789 to 1274 square feet of space. Standard features include over-sized kitchens with granite countertops, nine-foot ceiling heights, vinyl plank wood-style flooring, stainless steel appliances, oversized closets, patio and balcony options, and in-unit washer and dryers. Resident amenities feature an expansive clubhouse offering a lounge with a fireplace, large-screen television, and kitchenette; a sauna; a yoga studio; and a business center complete with individual workstations and a conference room. Outdoor amenities include a resort-style swimming pool, courtyard, barbecue/picnic area and garages.
The 63,000 square feet of ground floor retail space positions Lofts at Reynolds Village as the only mixed-use asset in Woodfin. The retail component is leased by 33 tenants spanning the beauty, entertainment, fitness, professional services, and medical/healthcare categories, including American Chestnut Foundation, Asheville Pilates, Evolve Chiropractic, Inspire Personal Fitness, The Village Porch, MaryFrank Salon, and Metro Wines.
“Lofts at Reynolds Village provides the unique opportunity to expand our current portfolio’s presence in the Carolinas in a sub-market where we have conviction around key demand drivers and the management expertise to execute a renovation and reposition strategy to elevate the community,” stated Ari Abramson, CRC’s Vice President, Multifamily Acquisitions. “The residential and retail portions of the business plan leverage CRC’s vertically-integrated operating platform to maximize the value-add strategy, upgrade the living experience, and further strengthen the tenant mix.”
The improvement plan will begin with an initial investment related to asset preservation and amenity upgrades, highlighted by repositioning the clubhouse and business center, and converting hallway foyers into co-working spaces and resident lounges. These enhancement are designed to attract residents and businesses alike, aligning with the economic growth driven by the region’s key industries.
The aerospace, healthcare, high technology, and manufacturing industries are the leading economic engines - together with tourism - that drive the greater Asheville metropolitan area’s $24 billion economy. Top employers in the market include Mission Health Hospital (more than 8,000 employees), Ingles Markets, Veterans Administration VA, The Biltmore Company, and Eaton Corporation, each of which employs more than 2,000 workers.
Lofts at Reynolds Village leverages a strategic location in Woodfin, a high net-worth submarket with an average household income of $120,000 within a one-mile radius. The asset is less than two miles from Interstate 26, three miles from the University of North Carolina Asheville, five miles from downtown Asheville and less than 20 miles from Asheville Regional Airport.
Proximity to the Blue Ridge Mountains attracted nearly 14 million people to Asheville in 2023, generating nearly $3 billion in spending, according to Explore Asheville. The area’s tourism industry supports nearly 30,000 jobs and produces more than $265 million in tax revenue.
This year Southern Living ranked Asheville as the “third best southern city,” Trip Advisor listed Asheville “#5 in its Best Food Destination in the US” list, and the New York Times ranked the city #20 in its “Places To Go in 2025” ranking. Asheville also ranked #1 in Yelp’s Small Town Foodie City list in 2022.
Headquartered in Baltimore and founded in 1960, Continental Realty Corporation is a full-service commercial real estate and investment company focused on acquiring and operating retail and multifamily properties. The privately held firm owns and manages a diversified portfolio of retail centers consisting of over eight million square feet of commercial space and more than 10,000 apartment homes across 14 states, with a portfolio valued at nearly $4.2 billion. For additional information, visit www.crcrealty.com