Graycliff Capital Adds to Residential Holdings in Region with Acquisition of Reserve at Asheville
Tuesday, March 31st, 2020
Greenville-based Graycliff Capital Partners, LLC (Graycliff Capital), a leading developer/owner in the multi-family sector, has acquired Reserve at Asheville, a well-maintained, 380-unit apartment community in Asheville, N.C. Situated along Highway 63, a major Asheville thoroughfare, the Reserve at Asheville has averaged 94.7 percent occupancy over the past two years. The property is located at 11 Asheville Springs Circle.
“Reserve at Asheville fits well with Graycliff’s strategy for investing in underserved submarkets of areas with tremendous growth potential,” said Paul Aiesi, partner at Graycliff Capital. “The property’s location offers a perfect balance of convenience to downtown and affordability – a win-win for Graycliff and the residents of Reserve. This acquisition complements our existing holdings in the Asheville area, and we look forward to announcing upgrades and enhancements in the coming months.”
Nestled among rolling hills with breathtaking views of the Blue Ridge Mountains, Reserve at Asheville is a secure-access community built in 2008. Best-in-class amenities include a resort-style swimming pool with outdoor kitchen and grilling stations, car wash, dog park, outdoor movie theater, and trail access to the Pisgah Nature Preserve. Residents also have full access to a clubhouse with breakfast and coffee concierge, business center, fitness center and laundry facilities.
Thoughtfully designed studio-, one-, two- and three-bedroom townhome-style apartments feature open-concept kitchens with sleek granite countertops and full appliance packages, natural hardwood flooring and plush carpeting, and spacious bathrooms with walk-in showers or garden tubs.
The Reserve at Asheville is operated by Greenville-based NHE, Inc., which also manages The Meadows and River Ridge, two well-performing nearby properties owned and operated by Graycliff Capital. With the addition of the Reserve, Graycliff now owns a total of 1,024 units in the Asheville market.