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Capital Square Buys Asheville Multifamily Portfolio for $73M Equity Raise
Glen Allen, VA-based Capital Square has acquired two-property multifamily portfolio in Asheville, NC on behalf of a private placement offering that seeks to raise $73.1 million in equity.
Michael Saclarides, Devin Bryan and Jacqui Aaron of Cushman & Wakefield were the brokers in the transaction.
“With apartment rents increasing 25%, Asheville has experienced the strongest growth in multifamily rental rates of any metro in NC, according to WTVD,” said Louis Rogers, founder and chief executive officer of Capital Square.
The 11-acre portfolio includes the 253-unit River Mill Lofts the nearby 52-unit Skyloft Apartments. Community amenities at River Mill Loft include access to the scenic Swannanoa River, clubhouse and swimming pool. Skyloft Apartments has an outdoor fire pit, grilling area and a fenced pet park. Both properties are within a ten-minute drive of downtown Asheville.
Biltmore Village, a historical enclave at the entrance to the Biltmore Estate, is within walking distance of River Mill Lofts. Both properties are located near downtown Asheville, which is known for its prolific food scene.
- ◦Sale/Acquisition
