Cushman & Wakefield has arranged the $71.5 million sale of The District, a 309-unit apartment community located in Asheville, North Carolina. Jordan McCarley, Marc Robinson, and Watson Bryant of Cushman & Wakefield represented the seller, Flournoy Development, in the transaction.
“Cushman & Wakefield executed a seamless transaction for all parties involved and we are excited for new ownership to capitalize on this exceptional asset located directly adjacent to Asheville’s Historic Biltmore Village neighborhood,” said Blake Breimann, Senior Vice President and Chief Investment Officer at Flournoy Development.
Amenities include a 2,300-square-foot clubhouse with a state-of-the-art fitness center, game room, lounge, business center and cybercafé, and a heated salt-water pool, fenced-in dog park, picnic area with six grills, and covered car care center. The District’s ideal location in the city’s southern infill submarket offers residents unparalleled connectivity to Asheville’s foremost economic centers, as five of the largest 10 employers in Buncombe County – accounting for nearly 20,000 jobs – are within a five-minute drive.
“The District is Asheville’s premier core asset,” McCarley said. “This opportunity offers new ownership a stabilized, top-notch asset situated in an unparalleled location in Asheville’s growing market.”
Cushman & Wakefield’s Southeast Multifamily Advisory Group ranked No. 1 in market share in 2018 based on closed transactions, totaling more than $4.5 billion in sales volume, according to Real Capital Analytics. For more information about Cushman & Wakefield’s Southeast Multifamily Advisory Group, visit https://multifamily.cushwake.com.
About Flournoy Development
The Flournoy Companies, headquartered in Columbus Georgia, consists of – Flournoy Development, Flournoy Properties and Flournoy Construction. The companies were founded in 1967 and have developed and built over 40,000 apartments for affiliated entities and unaffiliated third parties since its formation. We specialize in the development, acquisition, construction and management of high quality multifamily and senior housing properties in strategic locations throughout the Southeastern, Mid-Atlantic, and Southwestern United States. We are continuously adding value to our owned portfolio through intensive and forward-thinking management and leasing. To learn more about the Flournoy Companies, visit https://flournoycompanies.com/.