Continental Realty Corp. Acquires Lofts at Reynolds Village in Asheville

Continental Realty Corporation (CRC), a leading real estate investment firm based in Baltimore, has announced the acquisition of the Lofts at Reynolds Village, a multifamily residential community with significant retail space, located in Asheville, North Carolina. This marks CRC's first acquisition in Asheville and its twelfth in North Carolina, as part of their ongoing strategy to expand within key markets and bolster its real estate portfolio. The Lofts at Reynolds Village is notable for its high occupancy rates, with multifamily units at 95% and retail spaces 91% leased at the time of acquisition. The purchase from an affiliate of the Lone Star Real Estate Fund VI was facilitated by Michael Saclarides of Walker & Dunlop. CRC's acquisition aligns with its value-add strategy, where CRC plans to make strategic renovations and upgrades to enhance living and retail spaces, utilizing its vertically-integrated operating model. The surrounding region's growing economic prospects, driven by industries such as aerospace, healthcare, and tourism, further reinforce the asset's potential. With Asheville's strong economic and tourism growth, including high rankings in lifestyle and tourism lists, CRC is poised to benefit from both strategic location and industry-driven demand.