Capital Square Acquires North Carolina Portfolio
September 9, 2022
Capital Square has acquired the Asheville NC Apartment Portfolio comprising two multifamily communities in Asheville, N.C. In total, the assets have 305 apartments. The firm made the purchase on behalf of a private placement offering, CS1031 Asheville NC Apartment Portfolio, DST. The Delaware statutory trust investment offering is seeking $73.1 million in equity.
One of the properties, River Mill Lofts, has 253 units located at 100 River Mill Drive. The other nearby asset is the Skyloft Apartments, located at 500 S. Skyloft Drive, with 52 apartments. Both communities are in high-growth areas, with Asheville rents rising 25% over 12 months ending in January, according to a report by Apartment List.
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