Categories: Business NewsNewsReal Estate & Properties

Highline North Apartment Community Sold for $43.8 Million

Exterior view of Highline North apartment community in Asheville

News Summary

A major real estate transaction has been completed in Asheville with the sale of the Highline North apartment community for $43.8 million. The 168-unit property, located at 602 Highline Drive, was sold by Carlisle Residential Properties and brokered by Berkadia. The transaction demonstrates the increasing demand for multifamily housing in Asheville, driven by its desirable location and modern amenities, as the city’s real estate market continues to evolve.

Asheville — A significant real estate transaction has taken place in Asheville with the sale of the Highline North apartment community, which sold for $43.8 million. The sale was brokered by Berkadia, a prominent commercial real estate services firm.

Highline North is a 168-unit apartment community located at 602 Highline Drive in Asheville, North Carolina. The property was previously owned by Carlisle Residential Properties, a local real estate development company that completed the property in 2023. The sale showcases the robust demand for multifamily housing options in the growing Asheville area.

Representatives from Berkadia, including Caleb Troop, Thomas Colaiezzi, and Matt Robertson, facilitated the sale on behalf of the seller. They successfully navigated the complexities of the transaction to finalize the deal and ensure a smooth process. Additionally, Jeremy Lynch and Jake Adoni from Berkadia’s Philadelphia office secured a Freddie Mac acquisition loan for the buyer, Graycliff Capital, which is based in Greenville, South Carolina.

Highline North provides a diverse range of living options, offering one-, two-, and three-bedroom apartments, along with three-bedroom townhomes. The units vary in size from 822 square feet to over 1,500 square feet, accommodating various lifestyles and preferences. This wide selection of unit sizes reflects the property’s appeal to a broad demographic of residents.

The community includes an array of amenities aimed at enhancing the living experience of its residents. Among these facilities are:

A fitness center equipped with cardio and weight lifting machines
A clubhouse featuring a TV lounge, wet bar, and shuffleboard
A pet spa and park designed for pet owners
A salt-water swimming pool for relaxation and leisure
Amazon package lockers for convenient package delivery
Detached garages available for residents
Electric vehicle charging stations to support sustainable living

The completion of this sale highlights the increasing interest in Asheville as a desirable location for both residence and investment. The combination of its natural beauty, vibrant community atmosphere, and growing economy makes it attractive to developers and investors alike. Highline North, with its modern amenities and strategic location, is likely to appeal to a wide range of potential renters.

This transaction marks another chapter in the development of the Asheville real estate market, where multifamily housing continues to be in demand. The expertise of Berkadia in brokering sales and securing financing played a crucial role in accomplishing this deal, while the buyer’s investment indicates strong confidence in the future growth of the local housing market.

As more companies and individuals recognize the opportunities within Asheville, properties like Highline North continue to play a significant role in transforming the landscape of the city and contributing to its economic vitality. The sale reflects a promising trend toward the expansion of sustainable and community-oriented living spaces.