Triple Net Properties represented tenant-in-common investors in the acquisition of The Meadows Apartments in Asheville, N.C.
The value of the transaction was not disclosed.
The Meadows Apartments is a 392-unit apartment community that was 96 percent occupied at the time of sale. The property was originally completed in 1974, with additional phases completed in 1999 and 2001. The Meadows Apartments consists of 1-, 2- and 3-bedroom units in 25 two- and three-story apartment buildings, with units ranging from 790 square feet to 1,145 square feet. The apartment community features a fitness center, tennis courts, outdoor grills, two swimming pools and on-site management.
Colonial Realty Limited Partnership sold the property.
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