TIC investors unload multifamily asset

Vacancy rate nearly 10% at North Carolina site

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Triple Net Properties LLC recently sold an Asheville, N.C., apartment complex on behalf of tenant-in-common investors for an undisclosed price. The asset, Meadows Apartments, comprises 392 units with an average unit size of 994 square feet. Built in three phases between 1974 and 2001, the property includes 25 two- and three-story apartment buildings and a standalone clubhouse that houses the community's fitness center, leasing office and laundry facility. Situated on 35 landscaped acres, Meadows Apartments features amenities that include tennis courts, outdoor grills, a playground and two swimming pools. The property is located approximately two miles west of Asheville's central business district. At the time of sale, Meadows Apartments was 91 percent occupied. Steven D. Bell & Co. purchased the complex from the investors, who had owned it since March 2006. *** What's your opinion? Send your Letter to the Editor to opinion@inman.com. ...