Greenville-based Graycliff Capital Partners recently acquired the Reserve at Asheville, a 380-unit apartment community located along Highway 63 in Asheville, North Carolina.
Built in 2008, the Reserve at Asheville is a secure-access community that offers studio, one-, two- and three-bedroom townhome-style units featuring open-concept kitchens with granite countertops, hardwood flooring, carpeting, large bathrooms with walk-in showers or garden tubs and full appliance packages. The community’s amenities include a dog park, outdoor movie theater, car wash, resort-style swimming pool with outdoor kitchens and grilling stations, and trail access to the Pisgah Nature Preserve. Residents also have access to a clubhouse with breakfast and coffee concierge, business center, fitness center and laundry facilities.
“Reserve at Asheville fits well with Graycliff’s strategy for investing in underserved submarkets of areas with tremendous growth potential,” Graycliff Capital partner Paul Aiesi said. “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.”
After acquiring Reserve at Asheville, Graycliff owns 1,024 units in the Asheville market. The community joins The Meadows and River Ridge in Graycliff’s portfolio, and all three properties are managed by Greenville-based NHE Inc.