Sunset Ridge 15 Home Investment Portfolio Asheville NC

Listing was updated at: 07/05/2020
Property Overview
Price/Rent PSF $ 2,100,000.00
Asset Type Multifamily
Trade Type Sale
SQ. FT. Available 20,782
Date Available 08/05/2019
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North Carolina, also known as the “The Tar Heel State,” is the 9th most populous state in the United States, with a broad range of elevations from sea level on the coast to 6,684 feet at Mount Mitchell. North Carolina has a diverse economy because of its high availability of hydroelectric power, its pleasant climate, and its wide variety of soils. In 2016, the states’ total gross state product was $521 billion.

The portfolio resides in Asheville, which has an estimated 2016 population of 89,121. The town is home to many breweries and restaurants; as of 2017, there are 26 breweries which tourists thoroughly enjoy each year. The Asheville City Council’s goal is to reduce the overall carbon footprint 80% by the year 2030, meaning there will be 4% or more carbon footprint reduction per year.

The region is well-educated with nationally recognized schools, within proximity to most major cities, direct access to I-26 and I-40, and the connected Asheville airport with direct flights to Washington and New York among others.

Construction sector jobs in the Asheville area rose 23% in 2012-2017. Notable projects include the City of Asheville’s designated innovation districts, The new $400M, 12-story Mission Hospital tower, and A-B Technical Community College’s Ferguson Center with 18 Allied Health programs in a new 169,543 square foot building.

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This Build-for Rent portfolio provides an opportunity to acquire a 15-home rental portfolio located in the Asheville, North Carolina market. The homes are located in the town of Woodfin, in the Crest Mountain development. The portfolio consists of three existing rental homes, a duplex under construction, and eleven lots upon which a buyer could build homes to meet their criteria. A builder has been identified that is very knowledgeable of the area and the particulars of this property. One of the unique aspects of this property is the ability of a buyer to manage the properties as long-term rentals, as modelled herein, or as short-term rentals as accommodations as part of Crest Mountain.

Sunset Ridge is located just five miles from downtown Asheville, mere minutes from its eclectic dining, mountain art galleries, cultural activities and unique shopping. Nearby interstates I-40, I-240 and I-26 connect the community to several metropolitan centers such as Charlotte, Atlanta, Raleigh, Charleston and Nashville as well as quaint mountain towns like Weaverville, Hendersonville, Waynesville and Brevard.