Capital Square Acquires Multifamily near Asheville for $68M DST Offering
Glen Allen, VA-based Capital Square has acquired the Retreat at Arden Farms Apartments, a 312-unit apartment community in the Asheville suburb of Arden, NC. The community was acquired on behalf of a DST entity that seeks to raise $68 million from accredited investors and has a minimum investment requirement of $50,000.
Michael Saclarides, Devin Bryan and Jacquelyn Aaron of Cushman & Wakefield represented the sellers, Tynes Development Corporation.
The 28-acre community is situated in the midst of the Blue Ridge Mountain, nine miles from The Biltmore Estate. It offers one-, two- and three-bedroom units with mountain views plus clubhouse, cyber café, saltwater pool, 24/7 fitness center, wellness studio, poolside grilling area, “bark park,” and private garages and storage units.
The property has direct access to Interstate 26 and is a 15-minute drive to downtown Asheville. Biltmore Park Town Square, a mixed-use retail center featuring restaurants, shopping and entertainment, is 1.5 miles from the property.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.