105 EXCHANGE CIR ASHEVILLE, NC
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Class: A
# of total units: 312
Style: 3 and 4 story buildings
Type: multifamily
Distance from Downtown: 7 miles SW of Downtown Asheville
Location: near the intersection of Sardis Rd / SR 112 and Brevard Rd / SR 191, just west of Tanger Outlets Ashville
Year built: 2017
# of total buildings: 11 (plus a leasing office / clubhouse)
# of stories/floors in each building: two, three, and four story (first floor includes parking)
Exterior building materials: Stone accents and Hardie siding
Roof type: pitched roofs with composition shingles
Acres of land: 24.65 acres
Density: 12.66 units per acre
Pets allowed: yes
Scenic Mountain Views
Resort-Style, Saltwater Pool with In-Pool Lounge Area and Water Feature, Expansive Sundeck, Poolside Grilling Area, Hammocks, and Covered Patio with TV and Fireplace Lounge Area
Spacious Clubhouse with TV Lounge Area and Cyber Café with Coffee Bar
Game Room with Billiards Table
Tanning Studio and Tranquil Massage Lounge
State-of-the-Art Fitness Center with Cardio and Weightlifting Equipment, Free Weights, and Spin / Yoga Room
Business Center with Computers
On-Site Dog Park with Agility Course and Pet Spa and Grooming Station
On-Site Laundry Facilities
Storage Units Available
Outdoor Equipment Rentals
Corporate Apartment Homes Available
Elevator
On-Site Maintenance
Plenty of Convenient, On-Site Parking, Detached Garages Available, Car Care Center, and Electric Car Charging Stations
Controlled Access
Beautifully Landscaped with Manicured Grass, Mature Trees, Trimmed Shrubs, and Colorful Flowerbeds
Online Resident Portal with Rent and Maintenance Request Acceptance
Within Walking Distance of Public Transportation (ART Transit), Tanger Outlets Asheville, Grocery Store, and Restaurants
Close to Bent Creek, Blue Ridge Parkway, Parks, Trails, Lakes, Golf Courses, Schools, and Entertainment Options
Convenient Access to Interstate 26 / U.S. Highway 74, State Routes 112 and 191, University of North Carolina Asheville, and Downtown Asheville
COMMUNITY AMENITIES
UNIT AMENITIES
Variety of Spacious, Open Floor Plans with Large, Bright Sunrooms
Beautifully Appointed with Contemporary Interior Finishes Including Black Appliances, Wood-Style Flooring, Granite Countertops, Shaker-Style Cabinetry, Modern Lighting, Plush Bedroom Carpeting, Lighted Ceiling Fans, and Mini Blinds
Gourmet Kitchen with Electric Stove, Refrigerator, Dishwasher, Built-In Microwave, Double Basin Sink, Oversized Island / Breakfast Bar, Dining Area, and Plenty of Cabinet and Counter Space
Full Size Bathroom with Garden Tub and Shower Combination / Walk-In Shower with Tiled Surround
Nine-Foot Ceiling, Huge Walk-In Closets, and Large Windows Providing Abundant Light
Expansive Patio / Balcony with Glass Panel Doors
Washer and Dryer
ADA Homes Available
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105 EXCHANGE CIR ASHEVILLE, NC
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
774 S Shelmore Blvd
Suite 105
Mt Pleasant, SC 29464
Charleston Office
Blake Coffey
Senior Director
843.628.3766 Blake.Coffey@Berkadia.com
Thomas Colaiezzi
Director
704.565.9391 thomas.colaiezzi@berkadia.com
Mark Boyce
Managing Director
843.628.3765 Mark.Boyce@Berkadia.com
Matt Robertson
Associate
919.812.3174 Matthew.Robertson@berkadia.com
Michael Gonzalez
Senior Director
248.341.3338
michael.gonzalez@berkadia.com
Caleb Troop
Managing Director
980.208.1668 caleb.troop@berkadia.com
4201 Congress Street
Suite 200
Charlotte, NC 28209
Charlotte Office
Flight to Quality in High Barrier to Entry Sun Belt Market
1
Ashville Exchange offers investors the opportunity to acquire fully Amenitized class A product in the highly sought after market of Asheville, NC. The subject property benefits tremendously from limited supply of new construction product in the Asheville market. The mountainous topography naturally leads to less developable land, as well as elevated construction costs on shovel-ready sites. According to Berkadia’s construction pipeline report, Asheville is expected to deliver approximately 1,400 units over the next 12 months, yet net migration research predicts over 6,000 net new move ins throughout 2024. Asheville’s staggering lack of supply, coupled with strong migration trends is projected to lead to effective rent growth north of 4% through 2024.
local amenity map
INVESTMENT HIGHLIGHTS
PROPERTY DETAILS
AMENITIES
LOCATION
Six-Figure Resident Demographics
2
New ownership will benefit from inheriting a stable tenant base with above-market average incomes. Bad debt collections at the property have stayed nearly non-existent while Average Household Income at the property is approximately $113,000. On average across the United States, tenants spend 30% of their gross monthly income on rent. At Asheville Exchange, even if rents were raised $1,200 per unit, the property would still be below the average rent-to-income ratio of 30%.
Ideally Positioned for First Generation Value-Add Opportunity
3
Value-Add Opportunity
Value-Add Scope
Interior Photos
Asheville Exchange boasts luxurious floorplans with attractive 9 foot ceilings and spacious select sunroom units with views of the various mountains. Although firmly planted as one of the premier communities in the Asheville market, interiors are entirely classic from initial construction in 2017. Based on supporting comps, a light renovation to bring interiors up to best-in-class finishes could yield average rental premiums of $140+ across all floor plans. The proposed renovation scope entails a first generation scope of: stainless steel appliances with French-Door refrigerators, updated kitchen backsplash, Luxury Vinyl Plank added to all common areas in 2-4th floor units, goose neck faucets, upgraded bathroom countertops from formica to quartz or granite, and smart tech package installation (keyless entry, Smart Thermostats, etc.). Implementing a full renovation program could yield annual rental premiums nearing $155,000 annually.
Stainless Steel Appliances with French Door Refrigerator and flat top electric stove
Upgraded Goose-Neck Faucets
Replace Carpet Flooring in All 2-4th Floor Living Areas with LVP
Smart Tech Package Installation
Upgraded Quartz/Granite Countertops in Bathrooms Framed Mirror and Curved Shower Curtain Rod
New Kitchen Backsplash
Upside Potential Through Storage and Garage Utilization
4
Value- Add Opportunity
Value- Add- Scope
Proximity to Top Tier Lifestyle and Employment Nodes
Upgraded Goose-Neck Faucets
Pratt & Whitney- The jet engine and parts manufacturer opened its Asheville facility just over one year ago. The state-of-the-art production plant spans over 1.2 million square feet and currently employs approximately 400 people with a goal of 800 total jobs through 2027. Pratt & Whitney offers a wide range of job opportunities from entry level to highly skilled white-collar positions. The manufacturing facility is located within a five-minute commute of the subject property.
Biltmore Estate- Perhaps the crown gem of Asheville, this 8,000-acre estate was established in 1845 by the Vanderbilt Family. The 250-room chateau is host to year-round events from daily tours to upscale private events. Located nearly 15 minutes from the subject property, Biltmore Estate employs more than 2,000 people.
Asheville-Buncombe Technical Community College – Located in the heart of Asheville, A-B Tech offers over 150 unique programs, degrees, and certificates. The local university is located approximately 12 minutes from Asheville Exchange and employs over 1,400 people.
Known for an abundance of art, a thriving music and craft beer scene, and robust culinary options, this eclectic mountain town has carved a unique personality in the landscape of North Carolina. Asheville Exchange is ideally situated less than 15 minutes from Downtown Asheville, providing tenants convenient access to the vast suite of lifestyle amenities that the city has to offer.
Amenity Map
Major Employers
Other Employers
5
Ingles (walkable)
Chipotle (walkable)
Asheville Outlets (walkable)
Coach
Nike
West Elm, Banana Republic, Vinyard Vines
RH
Starbucks
At Home
Petco
Etc.
Mission Hospital [Industry: Health Care & Social Assistance; Local Employees: 6,000] (~7.6 miles; ~16.0 minutes)
Margaret R Pardee Meml Hosp [Industry: Health Care & Social Assistance; Local Employees: 2,000] (~16.8 miles; ~25.0 minutes)
Us Veterans Medical Ctr [Industry: Health Care & Social Assistance; Local Employees: 1,716] (~12.4 miles; ~20.9 minutes)
Parkridge Health [Industry: Health Care & Social Assistance; Local Employees: 1,250] (~13.6 miles; ~21.9 minutes)
Care Partners Health Svc [Industry: Health Care & Social Assistance; Local Employees: 1,200] (~7.9 miles; ~16.9 minutes)
Community Carepartners Inc [Industry: Health Care & Social Assistance; Local Employees: 1,200] (~7.9 miles; ~16.9 minutes)
Hope Behavioral Health Svc [Industry: Health Care & Social Assistance; Local Employees: 1,200] (~13.6 miles; ~21.9 minutes)
Park Ridge Health [Industry: Health Care & Social Assistance; Local Employees: 1,200] (~13.6 miles; ~21.9 minutes)
Home to The Lowest Unemployment Rate in The State
6
According to a recent study, Asheville, NC ranked number one nationally as the top relocation destination for professionals seeking a new career. Asheville’s growing economy, stapled by tourism and healthcare, has continued to welcome new business, engineering, and manufacturing jobs year over year. The influx of diverse employment opportunities, coupled with unparalleled lifestyle amenities, has propelled this urban mountain town into the national spotlight. According to HomeArea.com, Asheville currently holds North Carolina’s lowest unemployment rate at a staggering 2.5%. The city’s booming job market continues to welcome a tremendous influx of employees across a wide spectrum of industries.
Asheville Ranks Top for People Relocating for Career Shifts
Lowest Unemployment Cities in North Carolina
137 one-bedroom units measuring between 711 and 909 square feet
143 two-bedroom units measuring between 1,019 and 1,266 square feet
32 three-bedroom units measuring between 1,245 and 1,354 square feet
Average unit size of 977 square feet
UNIT MIX
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Garage and storage units at Asheville Exchange are dramatically underutilized. Currently sitting at 61% and 33% occupied, respectively, there is an opportunity to substantially boost other income through stabilizing garage and storage occupancy. Through detailed rental competitor research Berkadia found that nearby properties shared similar rental rates yet maintained nearly no vacancies.
Assuming 90% occupancy and market rental rates, garage/storage rentals could yield a $68,000+ premium over 2023 numbers.
