ASHEVILLE, NC – Capital Square, one of the nation’s leading sponsors of tax-advantaged real estate investments and an active developer of mixed-use multifamily communities, announced the acquisition of Retreat at Arden Farms Apartments, a 312-unit apartment community in the Asheville suburb of Arden, North Carolina. The community was bought on behalf of CS1031 Retreat at Arden Farms Apartments, DST.
“Asheville, North Carolina has been on Capital Square’s radar for some time,” said Louis Rogers, founder and chief executive officer of Capital Square. “We are thrilled to expand the Capital Square footprint to Ashville in order to deliver exceptional investment programs to a growing number of Section 1031 exchange and cash investors nationwide.”
Nestled in the midst of the Blue Ridge mountains at 539 Long Shoals Road, the 28-acre apartment community offers one-, two- and three-bedroom units averaging 957 square feet with high-end finishes including tile backsplashes, stainless-steel appliances, 9-foot ceilings, walk-in closets and a balcony or patio. The community amenities include a grand clubhouse with a lounge, cyber café with a coffee station, resort-style saltwater pool, 24/7 state-of-the-art fitness center, wellness studio, poolside grilling area, “bark park,” electric car charging stations and private garages and storage units.
The highly amenitized property offers sweeping mountain views with convenient access to numerous outdoor activities. The property also benefits from direct access to Interstate 26, providing a 15-minute drive to downtown Asheville. Biltmore Park Town Square, a mixed-use retail center featuring restaurants, shopping and entertainment, is located just 1.5 miles from the property. Whole Foods, Publix and numerous dining options are within a 10-minute drive.
The scenic property is only nine miles from The Biltmore Estate, George Vanderbilt’s 250-room castle that is America’s largest home and a prominent tourist attraction, according to the City of Asheville. The 8,000-acre grounds, which feature gardens, trails and parklands, are located directly north of the property. For decades, tourists and retirees alike have been drawn to the area’s natural beauty, culture, amenities and small-town feel.
“Asheville gained over 9,000 jobs within a twelve-month period ending in February and registered an unemployment rate of only 2.9%, indicative of a strong local economy,”said Whitson Huffman, chief strategy and investment officer. “The area continues to incubate regional economic growth, as evidence by the recent announcement by aerospace manufacturer Pratt & Whitney that they are investing $650 million to build a one million-square-foot advanced manufacturing center approximately 3 miles from the property, which will lead to 800 permanent, high-paying local jobs.”
Asheville has averaged over 1,000 new apartment units per year from 2014-2021 while maintaining 96% average occupancy, according to CoStar.4 A limited future supply is anticipated due to affordable housing and other local government requirements. Additionally, a rapidly growing population will drive rent growth, according to the local ABC affiliate and Citizen Times news.

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CORPUS CHRISTI, TX – Thompson Thrift Residential, a wholly-owned company of Indianapolis-based Thompson Thrift, announced the sale of The Retreat, a 324-unit multifamily community located in The District of Timbergate area of Corpus Christi. A private real estate investment firm bought the community for an undisclosed amount.
“The Retreat’s location within the highly acclaimed Corpus Christi Independent School District along with its premium access to nearby employers, retail and entertainment generated significant interest from multiple parties,” said Josh Purvis, managing partner for Thompson Thrift Residential. “We are pleased to have been able to do our business plot and reach our investment goals for this community.”
Completed in 2017, the 96% leased community features 14 three-tale buildings providing 324 apartment homes with a variety of one-, two- and three-bedroom layouts. The well-appointed homes include granite countertops, nine- to 10-foot ceilings, full-sized washer and dryers, soaking tubs, private balconies and detached garages. The Retreat also provides an array of community amenities including a resort-style swimming pool, state-of-the-art fitness center, clubhouse, technology center, movie lounge, gaming den, parcel pending package acceptance, and onsite bark park and pet spa.
The community’s location at 15721 Timbergate Drive is close to Highway 358 and provides residents with convenient access to numerous retailers at the La Palmera Shopping District as well as major employers including the Port of Corpus Christi, First Data Corporation, Texas A&M, Bay LTD and Eagle Ford Shale.

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SAN ANTONIO, TX – Embrey has closed on land for the company’s second single-family rental development project, Collection Champions Circle. Located in Fort Worth, Texas, the 22.9-acre property will feature 276 one- two- and three-bedroom duplex-style homes.
Collection Champions Circle will be a master-plotted community that provides the privacy and neighborhood feel of a single-family home alongside luxurious shared amenities such as a clubhouse, resort-style pool and best-in-class on-site property management also provided by Embrey.
“Embrey’s single-family rental communities are the perfect option for renters who appreciate the lifestyle and convenience of a traditional apartment community while also providing many of the benefits of a single-family home,” says Jeremy Williams, Senior Vice President of Development. “This is a particularly attractive option for young families, pet owners and empty-nesters.”
Additionally, the development lies near a number of well loved employers including Charles Schwab, TD Ameritrade, Facebook and Amazon.
“Dallas-Fort Worth is one of the fastest growing multifamily markets in the country,” says John Kirk, Managing Director and Executive Vice President of Development. “The area’s strong economic and demographic momentum and high household income make it a prime location for this particular style of development.”
Embrey has partnered with a number of design consultants to make this project come to fruition, including W Partnership, Knight Fowler Millsap and Design Environments.
Construction is scheduled to start next month with completion expected in 2024. Embrey is the general contractor and will oversee construction on the project.

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