San Mateo, CA-based Clarion Partners Real Estate Income Fund, Inc. has acquired the Retreat at Weaverville, a 176-unit multifamily community located in Asheville, NC.

“With its strong market fundamentals, multifamily remains well-positioned to weather today’s challenging economic conditions,” said managing director and Clarion Partners Real Estate Income Fund, Inc. portfolio manager Rick Schaupp. “This particular property was an excellent opportunity to acquire a newly constructed and stabilized community in a growing submarket with compelling resident demographics.”

The 2021-built property sits on a 16.85-acre site and is comprised of seven three- and four-story, wood-framed residential buildings with ample open-surface parking spaces and 28 detached garages. Amenities include clubhouse, coffee bar, dog wash and park, fitness center, office workspaces and pool.

Retreat at Weaverville is located within one mile of Interstate 26 with direct access to the Asheville Regional Airport and numerous retail and lifestyle amenities in downtown Asheville and the River Arts District.

Real estate investment manager Clarion Partners is part of Franklin Templeton’s alternatives business. Clarion Partners Real Estate Income Fund, Inc. is distributed by Franklin Distributors, LLC.