northside at merrimon apartments


CHARLESTON, S.C. – August 9, 2021 – Beach Investment Fund LP, through its manager, Beach Real Estate Funds (BREF), both affiliates of The Beach Company, announced the July 29 acquisition of The Northside at Merrimon (Northside), a 166-unit garden-style multifamily community in Asheville, N.C. The transaction represents the fifth acquisition in the Beach Investment Fund and its third in North Carolina.

Originally built in 1948, the stabilized property features 166 units averaging 876 square feet and an amenity package that includes outdoor lounge areas, a fitness center and dog park. Property highlights include a vintage-style motif with community gardens, original hardwood floors and townhome-style dwelling units with private patios.

“Northside’s central and irreplaceable location really sets this community apart,” said Darby Parker, acquisitions manager for BREF. “The nearby UNC Asheville and The Omni Grove Park Inn bring immediate demand, while proximity to downtown and the increasingly diverse employment nodes provide a runway to long-term success.”

BREF intends to complete a robust interior and exterior renovation program with updated interior finishes and an improved amenity offering.

“Northside is well primed for an improvement plan that should really maximize the potential of the property,” said Teddy Hendricks, BREF’s director of asset management. “We’re excited about the opportunity and have been working diligently to ensure our planned capital program best emulates the unique culture and atmosphere that Asheville has to offer.”

“Ashville has been on our radar for some time. The growth story has been incredible and appears to have only accelerated with the macro events of the past 18 months,” said Leonard Way, BREF’s senior vice president and fund manager. “We look forward to beginning our renovation program and improving the asset to the betterment of both our tenants and investors.”

John Munroe, Sean Wood, Alex Okulski, Dean Smith, John Heimburger and Jason Kon and of Newmark’s Carolina’s team facilitated the sale on behalf of the seller, Hawthorne Residential. BREF’s acquisitions team of Darby Parker and Niko LeVigne facilitated the transaction on behalf of the buyer. Newmark’s Brian Kochan and John Westby-Gibson placed the agency financing.

northside at merrimon

northside at merrimon

*Editor’s Note: For a high-resolution image of The Northside at Merrimon, visit: https://bit.ly/3iwGQRH. Photos courtesy of The Beach Company.


About Beach Investment Fund LP. and Beach Real Estate Funds, LLC. Launched in 2019, Charleston, S.C.-based Beach Investment Fund LP is a discretionary fund that acquires and operates multifamily assets in the Southeast U.S. and aims to implement a clear, discernible strategy to improve operations, increase cash flow and ultimately create significant value for both residents and investors.  BREF is the Manager for the Beach Investment Fund overseeing the operations, management, and transactional activity of Fund related assets.

About The Beach Company. Founded in 1945, The Beach Company has been a leader in residential and commercial real estate brokerage, development and property management for 75 years. Led by CEO John Darby, The Beach Company upholds a tradition of establishing landmark properties and communities by evaluating each opportunity for its potential to improve the quality of life for our neighbors and contribute to the long-term economic vitality of the Southeast region.

About Newmark. Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Our comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, growing startups to leading companies. In 2020, Newmark generated revenues in excess of $1.9 billion. Newmark, together with London-based partner Knight Frank and independently owned licensees, operates globally from approximately 490 offices with 19,300 professionals. To learn more, visit nmrk.com or follow @newmark.

 

Categories: Investment, Press Releases