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National  + North Carolina  + Apartments  |  August 21, 2019
David Cohen
By: David Cohen

Asheville Apartment Community Trades for $72M

Chicago-based real estate investment firm GEM Realty Capital has acquired The District, a 309-unit apartment community in Asheville for $71.5 million.

Located at 100 District Dr., the community is in the city’s southern infill submarket, and is within a five-minute drive of five of the largest 10 employers in Buncombe County. Amenities include a 2,300-square-foot clubhouse with fitness center, game room, lounge, business center and cybercafé as well as a heated salt-water pool, fenced-in dog park, picnic area with six grills and a covered car care center.

Jordan McCarley, Marc Robinson, and Watson Bryant of Cushman & Wakefield represented the seller, Flournoy Development, in the transaction.

For comments, questions or concerns, please contact David Cohen

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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