Continental Realty Corporation Acquires Lofts at Reynolds Village in Asheville
Continental Realty Corporation (CRC), a real estate investment and management firm headquartered in Baltimore, has expanded its North Carolina portfolio with the acquisition of the Lofts at Reynolds Village, a multifamily community located in Asheville.
The property includes 201 residential units and approximately 63,000 square feet of ground-floor retail space. Previously owned by an affiliate of Lone Star Real Estate Fund VI, L.P., the transaction was facilitated by Michael Saclarides of Walker & Dunlop, who represented the seller.
This acquisition marks CRC’s twelfth multifamily property within the state and its first in Asheville. At the time of purchase, the Lofts at Reynolds Village’s multifamily portion was 95% occupied, while the retail section was 91% leased, housing 33 tenants. Originally delivered in 2010, the community offers a mix of 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.
