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Asheville Exchange Apartments, 105 Exchange Circle,
Asheville, NC
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| Colin Gillis |
ASHEVILLE, NC —
Passco
Companies, a privately-held
California-based real estate company that specializes in the investment,
acquisition, development, and management of commercial properties throughout
the U.S., has acquired
Asheville Exchange, a 312-unit, Class A
multifamily community in Asheville, North Carolina for $56.6 million.
This is Passco’s first multifamily acquisition in Asheville
and first North Carolina purchase in nearly five years.
The firm was attracted to the market due to the city’s
strong and sustained population growth across age demographics and high quality
of living, according to Colin Gillis, Vice President of Acquisitions,
Southeast at Passco.
“Asheville’s picturesque environment and near-perfect
climate has made it an attractive vacation destination for several years, while
the resident population has grown as well,” explains Gillis.
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| Marc Robinson |
“The recent
population surge has been driven primarily by the in-migration of both retirees
and millennials, with more than 30,000 people moving to the area within the
past five years.”
Asheville’s reputation as a hip, laidback town with a
progressive culture, similar to cities like Austin, Texas, Portland, Oregon,
and Boulder, Colorado, will continue to bring young professionals to the area
and drive job growth, which has seen nearly a 20 percent increase in the last
six years.
Gillis further points to the city’s emergence as the ‘Beer
Capital of the East,’ with hundreds of millions of dollars having been recently
invested in new facilities for major Western-U.S. based breweries including
Sierra Nevada and New Belgium.
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| Jordan McCarley |
The craft-brewery scene has exploded in the Asheville area
over the last several years as the city boasts more breweries per capita than
almost any other U.S. city, which has served as a nice complement to an already
thriving tourism industry.
“The Asheville market has been on our radar for some
time due to its unique attributes, high-occupancy rates, and above-average
population growth trends with a shortage of luxury-rental options,” continues
Gillis.
“The shortage of luxury multifamily housing in the market
has allowed for properties like Asheville Exchange to experience near-record
setting absorption rates and positions the property for continued growth.
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| Brooks Colquitt |
"We are excited to have acquired Asheville Exchange, an
exceptional asset that is one of the top multifamily communities in the market,
featuring best-in-class amenities and unit features.”
While a handful of prominent regional multifamily developers
have recently shown interest in Asheville, it remains one of the lowest-vacancy
markets in the country, with a relatively slow development pipeline due to high
political and physical barriers to entry, Gillis notes.
Marc Robinson, Jordan McCarley, and Brooks Colquitt
of Cushman & Wakefield represented both the buyer and the seller, Hathaway
Development, in this transaction.
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| Chris Black |
“Asheville Exchange is a thoughtfully developed Class A
asset in one of the most vibrant destination cities in the Southeast,” says
McCarley.
“The asset is primed for growth and should be a great addition to
Passco’s diverse portfolio in the region.”
Asheville Exchange consists of one-, two-, and three-bedroom
units with an expansive amenity package that includes energy-efficient
appliances, granite kitchen countertops and tiled backsplash, wine racks,
modern cabinetry, and full-size, front loading washer/dryers in select units.
The community also features bike and kayak storage, a clubhouse
with Wi-Fi, controlled access gates, a car care center, a dog park and pet care
station, an expansive state-of-the-art fitness center, game room with
billiards, bocce ball court, outdoor lounge and grilling area, resident
business center, saline swimming pool, tanning salon and massage room, and
valet trash service.
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| Caleb Martin |
Asheville Exchange is located off Interstate 26 and Brevard
Road, offering easy access to Downtown and the greater region.
The immediate area surrounding the asset along Brevard Road
has seen a massive influx of development recently, with hundreds of millions of
dollars spent on new retail, commercial, hospitality and residential uses, as
well as much-needed infrastructure expansions in the last two years alone,
notes Gillis.
Completed in December 2017, Asheville Exchange is located at
105 Exchange Circle in Asheville, North Carolina.
Chris Black and Caleb Marten of KeyBank Real Estate
Capital’s Commercial Mortgage Group arranged acquisition financing on behalf of
Passco Companies.
CONTACTS:
Elisabeth Manville /
Lexi Astfalk
Brower Group
(949) 955-7940
www.cushmanwakefield.com
@CushWake on Twitter.
