Continental Realty Corporation (CRC), a Baltimore-based real estate investment and management company, has acquired the Lofts at Reynolds Village in Asheville, North Carolina.
The 201-unit multifamily community contains 63,000 square feet of ground-floor retail space. The property was formerly owned by an affiliate of Lone Star Real Estate Fund VI, L.P., and Michael Saclarides of Walker & Dunlop represented the seller in the transaction.
The acquisition marks CRC’s twelfth multifamily community in North Carolina and the first in Asheville. The multifamily component of Lofts at Reynolds Village was 95 percent occupied at the time of the transaction, and the retail component was 91 percent leased, with 33 tenants. Delivered in 2010, Lofts at Reynolds Village features one-, two- and three-bedroom floor plans.
“The opportunity aligns well with this investment vehicle’s value-add strategy and benefits from the economies of scale created by the firm’s broader presence across the Carolinas,” said Matthew Joiner, CRC’s Head of Multifamily Acquisitions.
The post Baltimore-Based Continental Realty Acquires NC Multifamily appeared first on Connect CRE.