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Transcript of Central Asheville - images1.loopnet.com · Property Name/Address Rating Units Stories Start...
Central Asheville
PREPARED BY
Roy Borden
Broker
Multi-Family Submarket Report
Asheville Market
MULTI-FAMILY SUBMARKET REPORT
Submarket Key Statistics 2
Vacancy 3
Rent 5
Construction 7
Sales 10
Sales Past 12 Months 11
Supply & Demand Trends 13
Vacancy & Rent 15
Sale Trends 17
Deliveries & Under Construction 19
Central Asheville Multi-Family
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OverviewCentral Asheville Multi-Family
12 Mo. Delivered Units
1,01912 Mo. Absorption Units
765Vacancy Rate
10.6%12 Mo. Asking Rent Growth
4.4%Rents in Central Asheville have risen 4.4% in the pastyear despite elevated vacancies. Vacancies in the metrocurrently hover near 11%, rising and falling in cadencewith new construction and lease-up periods. There areroughly 150 units currently underway, representing aroughly 3% expansion of the existing inventory. 1,000
units have delivered in the past year, representing aninventory expansion of about 8%. Investors have alsobeen active as more than $150 million traded hands,representing a roughly 9% turnover. Price per unitcontinues in the mid-$100,000's, and recorded cap rateshave fallen below 6%.
KEY INDICATORS
Asking RentVacancy RateUnitsCurrent Quarter Effective RentAbsorption
UnitsDelivered Units
Under ConstrUnits
$1,25114.3%7,0774 & 5 Star $1,232 170 0 148
$1,1185.8%4,1093 Star $1,105 27 0 0
$9225.8%1,4231 & 2 Star $911 (3) 0 0
$1,17810.6%12,609Submarket $1,161 194 0 148
ForecastAverage
HistoricalAverage
12 MonthAnnual Trends Peak When Trough When
8.3%6.1%1.3%Vacancy Change (YOY) 12.1% 2018 Q4 3.8% 2014 Q3
388324765Absorption Units 1,088 2016 Q1 (151) 2007 Q3
4523801,019Delivered Units 1,426 2015 Q3 0 2014 Q3
1110Demolished Units 21 2000 Q4 0 2018 Q4
1.7%1.8%4.4%Asking Rent Growth (YOY) 7.0% 2007 Q1 -3.5% 2009 Q4
1.6%1.7%4.4%Effective Rent Growth (YOY) 6.9% 2007 Q1 -3.5% 2009 Q4
N/A$63.0M$82.5 MSales Volume $185.5M 2018 Q2 $0 2007 Q2
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VacancyCentral Asheville Multi-Family
ABSORPTION, NET DELIVERIES & VACANCY
VACANCY RATE
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VacancyCentral Asheville Multi-Family
VACANCY BY BEDROOM
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RentCentral Asheville Multi-Family
DAILY ASKING RENT PER SF
MARKET RENT PER UNIT & RENT GROWTH
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RentCentral Asheville Multi-Family
MARKET RENT PER UNIT BY BEDROOM
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ConstructionCentral Asheville Multi-Family
DELIVERIES & DEMOLITIONS
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ConstructionCentral Asheville Multi-Family
All-Time Annual Avg. Units
116Delivered Units Past 4 Qtrs
1,019Delivered Units Next 4 Qtrs
148Proposed Units Next 4 Qtrs
134PAST 4 QUARTERS DELIVERIES, UNDER CONSTRUCTION, & PROPOSED
PAST & FUTURE DELIVERIES IN UNITS
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ConstructionCentral Asheville Multi-Family
RECENT DELIVERIES
Property Name/Address Rating Units Stories Start Complete Developer/Owner
Nov-201639 Greymont Ln
Greymont Village356 3 Nov-2018
The Carroll Companies
The Carroll Companies1
Oct-201714 Wooster St
Riverstone at Long Shoals256 3 Sep-2018
Tribute Properties, Inc.
Tribute Properties, Inc.2
Aug-2016248 Patton Ave
The Patton117 4 Sep-2018
Delray Ventures, LLC
Delray Ventures, LLC3
Jul-201712 Sky Exchange Dr
Skyland Exchange290 4 Aug-2018
Hathaway Development Partners,…
Hathaway Development Partners,…4
UNDER CONSTRUCTION
Property Name/Address Rating Units Stories Start Complete Developer/Owner
Jun-201610 Newbridge Pky
10 Newbridge Apartment…148 - Jun-2019
-
RDA Property Group1
PROPOSED
Property Name/Address Rating Units Stories Start Complete Developer/Owner
May-2019100 River Mill Dr
River Mill Lofts - Phase II134 4 Nov-2019
-
Pace Burt, Inc.1
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SalesCentral Asheville Multi-Family
SALES VOLUME & MARKET SALE PRICE PER UNIT
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Sales Past 12 MonthsCentral Asheville Multi-Family
Sale Comparables
13Avg. Price/Unit (thous.)
$153Average Price (mil.)
$7.4Average Vacancy at Sale
5.7%SALE COMPARABLE LOCATIONS
SALE COMPARABLES SUMMARY STATISTICS
Sales Attributes Low Average Median High
Sale Price $485,635 $7,356,409 $1,160,000 $56,600,000
Price Per Unit $53,959 $152,860 $107,142 $181,410
Cap Rate 5.2% 6.2% 5.8% 8.9%
Vacancy Rate at Sale 0% 5.7% 4.8% 11.1%
Time Since Sale in Months 0.4 4.7 3.8 11.3
Property Attributes Low Average Median High
Property Size in Units 5 50 16 310
Number of Floors 1 2 2 4
Average Unit SF 386 825 855 1,198
Year Built 1904 1961 1961 2017
Star Rating 2.5
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Sales Past 12 MonthsCentral Asheville Multi-Family
RECENT SIGNIFICANT SALES
Sale InformationProperty Information
RatingProperty Name/Address Yr Built Units Vacancy Sale Date Price Price/Unit Price/SF
105 Exchange Cir- 2017
Asheville Exchange1 310 6.1% 10/25/2018 $56,600,000 $182,580 $186
128 Florence St- 2017
Beaucatcher Flats2 97 6.2% 9/21/2018 $11,345,500 $116,963 $204
28-30 Edgemont Rd- 1960
Grove Park Apartments3 26 7.7% 5/21/2018 $4,100,000 $157,692 $179
116 E Chestnut St- 1925
Jefferson Apartments4 21 4.8% 7/13/2018 $2,700,000 $128,571 $138
- 197164 Webb Cove Rd
5 16 6.3% 2/11/2019 $1,600,000 $100,000 $112
- 193028 Broad St
6 12 0% 9/26/2018 $1,160,000 $96,666 $182
1020 Hendersonville Rd- 1963
Forestdale Apartments7 19 5.3% 1/31/2019 $1,114,365 $58,650 $47
- 192715 Grindstaff Dr
8 7 0% 12/11/2018 $750,000 $107,142 $154
- 194916 Forest Hill Dr
9 5 0% 3/7/2019 $555,000 $111,000 $116
- 1961840 Tunnel Rd
10 5 0% 12/5/2018 $510,000 $102,000 $143
- 19631010 Hendersonville Rd
11 9 11.1% 1/31/2019 $485,635 $53,959 $48
- 190484 Edgemont Rd
12 5 0% 4/19/2018 - - -
100 River Mill Dr- 2017
River Mill Lofts13 130 4.6% 3/18/2019 - - -
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AppendixCentral Asheville Multi-Family
OVERALL SUPPLY & DEMAND
AbsorptionInventory
Units % of Inv Construction RatioUnits Growth % GrowthYear
2023 526 3.8%14,414 462 3.2% 1.1
2022 527 3.9%13,888 399 2.9% 1.3
2021 456 3.5%13,361 312 2.3% 1.5
2020 305 2.4%12,905 188 1.5% 1.6
2019 (9) -0.1%12,600 495 3.9% 0
YTD 0 0%12,609 194 1.5% 0
2018 1,019 8.8%12,609 665 5.3% 1.5
2017 1,008 9.5%11,590 505 4.4% 2.0
2016 168 1.6%10,582 273 2.6% 0.6
2015 1,408 15.6%10,414 1,002 9.6% 1.4
2014 73 0.8%9,006 112 1.2% 0.7
2013 0 0%8,933 104 1.2% 0
2012 537 6.4%8,933 591 6.6% 0.9
2011 201 2.5%8,396 184 2.2% 1.1
2010 372 4.8%8,195 432 5.3% 0.9
2009 376 5.0%7,823 364 4.7% 1.0
2008 667 9.8%7,447 546 7.3% 1.2
2007 0 0%6,780 (148) -2.2% 0
4 & 5 STAR SUPPLY & DEMAND
AbsorptionInventory
Units % of Inv Construction RatioUnits Growth % GrowthYear
2023 539 6.4%8,942 475 5.3% 1.1
2022 540 6.9%8,403 410 4.9% 1.3
2021 468 6.3%7,863 320 4.1% 1.5
2020 318 4.5%7,395 208 2.8% 1.5
2019 0 0%7,077 481 6.8% 0
YTD 0 0%7,077 170 2.4% 0
2018 902 14.6%7,077 595 8.4% 1.5
2017 923 17.6%6,175 422 6.8% 2.2
2016 168 3.3%5,252 358 6.8% 0.5
2015 1,408 38.3%5,084 974 19.2% 1.4
2014 73 2.0%3,676 93 2.5% 0.8
2013 0 0%3,603 93 2.6% 0
2012 537 17.5%3,603 545 15.1% 1.0
2011 201 7.0%3,066 162 5.3% 1.2
2010 312 12.2%2,865 304 10.6% 1.0
2009 376 17.3%2,553 374 14.6% 1.0
2008 654 42.9%2,177 573 26.3% 1.1
2007 0 0%1,523 (41) -2.7% 0
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AppendixCentral Asheville Multi-Family
3 STAR SUPPLY & DEMAND
AbsorptionInventory
Units % of Inv Construction RatioUnits Growth % GrowthYear
2023 0 0%4,109 (1) 0% 0
2022 0 0%4,109 1 0% 0
2021 0 0%4,109 4 0.1% 0
2020 0 0%4,109 (5) -0.1% 0
2019 0 0%4,109 25 0.6% 0
YTD 0 0%4,109 27 0.7% 0
2018 117 2.9%4,109 63 1.5% 1.9
2017 97 2.5%3,992 89 2.2% 1.1
2016 0 0%3,895 (70) -1.8% 0
2015 0 0%3,895 51 1.3% 0
2014 0 0%3,895 14 0.4% 0
2013 0 0%3,895 5 0.1% 0
2012 0 0%3,895 34 0.9% 0
2011 0 0%3,895 19 0.5% 0
2010 60 1.6%3,895 106 2.7% 0.6
2009 0 0%3,835 (6) -0.2% 0
2008 13 0.3%3,835 (14) -0.4% -
2007 0 0%3,822 (85) -2.2% 0
1 & 2 STAR SUPPLY & DEMAND
AbsorptionInventory
Units % of Inv Construction RatioUnits Growth % GrowthYear
2023 (13) -0.9%1,363 (12) -0.9% 1.1
2022 (13) -0.9%1,376 (12) -0.9% 1.1
2021 (12) -0.9%1,389 (12) -0.9% 1.0
2020 (13) -0.9%1,401 (15) -1.1% 0.9
2019 (9) -0.6%1,414 (11) -0.8% 0.8
YTD 0 0%1,423 (3) -0.2% 0
2018 0 0%1,423 7 0.5% 0
2017 (12) -0.8%1,423 (6) -0.4% 2.0
2016 0 0%1,435 (15) -1.0% 0
2015 0 0%1,435 (23) -1.6% 0
2014 0 0%1,435 5 0.3% 0
2013 0 0%1,435 6 0.4% 0
2012 0 0%1,435 12 0.8% 0
2011 0 0%1,435 3 0.2% 0
2010 0 0%1,435 22 1.5% 0
2009 0 0%1,435 (4) -0.3% 0
2008 0 0%1,435 (13) -0.9% 0
2007 0 0%1,435 (22) -1.5% 0
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AppendixCentral Asheville Multi-Family
OVERALL VACANCY & RENT
Market RentVacancy
Per Unit Per SF % GrowthUnits Percent Ppts ChgYear Per Unit Per SFPpts Chg
Effective Rent
(0.4)2023 9.0% 0.11,302 $1,240 $1.27 0.4% $1,223 $1.25
0.32022 8.9% 0.61,237 $1,235 $1.26 0.8% $1,218 $1.25
(0.9)2021 8.3% 0.81,111 $1,225 $1.25 0.6% $1,208 $1.24
(2.2)2020 7.5% 0.7969 $1,218 $1.25 1.4% $1,201 $1.23
02019 6.8% (5.4)852 $1,201 $1.23 3.6% $1,184 $1.21
(2.0)YTD 10.6% (1.5)1,334 $1,178 $1.21 1.6% $1,161 $1.19
1.62018 12.1% 2.01,527 $1,159 $1.19 3.6% $1,146 $1.17
(0.9)2017 10.1% 3.81,174 $1,119 $1.14 2.0% $1,104 $1.13
(3.2)2016 6.4% (1.1)672 $1,096 $1.12 2.9% $1,083 $1.11
2.42015 7.5% 3.3779 $1,065 $1.09 6.1% $1,059 $1.08
0.32014 4.2% (0.5)374 $1,004 $1.03 3.8% $1,003 $1.03
0.82013 4.6% (1.2)412 $968 $0.99 3.4% $963 $0.98
1.52012 5.8% (1.0)517 $936 $0.96 2.6% $931 $0.95
0.42011 6.8% 0570 $912 $0.93 1.1% $906 $0.93
4.32010 6.8% (1.1)553 $902 $0.92 0.8% $896 $0.92
(1.9)2009 7.8% (0.2)611 $895 $0.92 -3.5% $889 $0.91
(4.4)2008 8.0% 1.0597 $928 $0.95 -1.6% $920 $0.94
-2007 7.0% 2.2477 $943 $0.96 2.9% $937 $0.96
4 & 5 STAR VACANCY & RENT
Market RentVacancy
Per Unit Per SF % GrowthUnits Percent Ppts ChgYear Per Unit Per SFPpts Chg
Effective Rent
(0.4)2023 11.3% 01,007 $1,312 $1.29 0.3% $1,293 $1.27
0.22022 11.2% 0.9942 $1,308 $1.29 0.7% $1,289 $1.27
(1.0)2021 10.3% 1.3812 $1,299 $1.28 0.5% $1,280 $1.26
(2.4)2020 9.0% 1.2665 $1,292 $1.27 1.5% $1,274 $1.25
(0.3)2019 7.8% (8.9)553 $1,274 $1.25 3.9% $1,255 $1.23
(2.1)YTD 14.3% (2.4)1,011 $1,251 $1.23 2.0% $1,232 $1.21
3.32018 16.7% 2.51,180 $1,226 $1.21 4.1% $1,211 $1.19
(1.4)2017 14.1% 7.0873 $1,177 $1.16 0.8% $1,159 $1.14
(3.4)2016 7.1% (4.0)374 $1,168 $1.15 2.2% $1,151 $1.13
2.02015 11.1% 7.6563 $1,142 $1.12 5.6% $1,133 $1.11
1.02014 3.5% (0.6)129 $1,082 $1.06 3.7% $1,081 $1.06
(0.2)2013 4.1% (2.6)148 $1,043 $1.03 2.6% $1,036 $1.02
1.62012 6.7% (1.4)241 $1,017 $1.00 2.8% $1,010 $0.99
0.52011 8.1% 0.8249 $988 $0.97 1.3% $981 $0.96
4.22010 7.4% (0.6)211 $976 $0.96 0.7% $970 $0.95
(1.9)2009 7.9% (1.2)202 $969 $0.95 -3.5% $962 $0.95
(4.4)2008 9.1% 1.4198 $1,004 $0.99 -1.6% $996 $0.98
-2007 7.7% 2.7117 $1,020 $1.00 2.9% $1,014 $1.00
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AppendixCentral Asheville Multi-Family
3 STAR VACANCY & RENT
Market RentVacancy
Per Unit Per SF % GrowthUnits Percent Ppts ChgYear Per Unit Per SFPpts Chg
Effective Rent
(0.3)2023 5.2% 0214 $1,184 $1.26 0.7% $1,169 $1.25
0.32022 5.2% 0213 $1,176 $1.25 1.0% $1,161 $1.24
(0.7)2021 5.2% (0.1)215 $1,164 $1.24 0.7% $1,149 $1.23
(2.0)2020 5.3% 0.1219 $1,156 $1.23 1.4% $1,141 $1.22
0.72019 5.2% (1.3)215 $1,141 $1.22 3.4% $1,126 $1.20
(1.3)YTD 5.8% (0.6)240 $1,118 $1.19 1.3% $1,105 $1.18
(2.0)2018 6.5% 1.2267 $1,103 $1.18 2.7% $1,091 $1.16
0.72017 5.3% 0.1212 $1,075 $1.15 4.7% $1,066 $1.14
(1.8)2016 5.2% 1.8204 $1,027 $1.10 4.0% $1,018 $1.09
1.82015 3.5% (1.3)134 $988 $1.05 5.8% $985 $1.05
(0.8)2014 4.8% (0.4)186 $934 $1.00 3.9% $932 $0.99
2.62013 5.1% (0.2)199 $898 $0.96 4.8% $896 $0.96
1.32012 5.3% (0.9)205 $857 $0.91 2.2% $855 $0.91
0.12011 6.1% (0.5)239 $839 $0.89 0.9% $833 $0.89
4.32010 6.6% (1.3)258 $831 $0.89 0.8% $825 $0.88
(2.0)2009 7.9% 0.2304 $825 $0.88 -3.6% $818 $0.87
(4.4)2008 7.8% 0.7298 $855 $0.91 -1.6% $849 $0.90
-2007 7.1% 2.2271 $869 $0.93 2.8% $863 $0.92
1 & 2 STAR VACANCY & RENT
Market RentVacancy
Per Unit Per SF % GrowthUnits Percent Ppts ChgYear Per Unit Per SFPpts Chg
Effective Rent
(0.4)2023 6.0% 081 $988 $1.12 0.6% $975 $1.10
0.32022 6.0% 082 $982 $1.11 1.0% $969 $1.10
(0.8)2021 6.0% (0.1)83 $972 $1.10 0.7% $960 $1.08
(1.0)2020 6.1% 0.185 $965 $1.09 1.5% $953 $1.08
(0.6)2019 5.9% 0.384 $951 $1.07 2.5% $939 $1.06
(3.8)YTD 5.8% 0.283 $922 $1.06 -0.6% $911 $1.05
2.02018 5.7% (0.5)80 $928 $1.07 3.1% $922 $1.06
(2.8)2017 6.2% (0.4)88 $900 $1.04 1.1% $886 $1.02
(8.5)2016 6.6% 1.095 $890 $1.03 3.9% $884 $1.02
8.62015 5.7% 1.581 $857 $0.98 12.4% $854 $0.98
(0.7)2014 4.1% (0.4)59 $762 $0.87 3.8% $758 $0.87
2.82013 4.5% (0.4)65 $734 $0.84 4.5% $733 $0.84
1.12012 4.9% (0.8)71 $703 $0.80 1.7% $700 $0.80
(0.2)2011 5.8% (0.1)83 $691 $0.79 0.6% $687 $0.78
4.22010 5.9% (1.4)85 $687 $0.78 0.8% $683 $0.78
(1.9)2009 7.3% 0.3105 $682 $0.78 -3.4% $677 $0.77
(4.4)2008 7.0% 0.9101 $706 $0.80 -1.5% $701 $0.80
-2007 6.1% 1.588 $717 $0.82 2.8% $712 $0.81
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AppendixCentral Asheville Multi-Family
OVERALL SALES
Completed Transactions (1)
Turnover Avg Price/UnitDeals VolumeYear
Market Pricing Trends (2)
Avg Price Price IndexAvg Cap Rate Price/Unit Cap Rate
2023 -- - -- 211- $147,313 6.6%
2022 -- - -- 212- $148,004 6.5%
2021 -- - -- 213- $148,950 6.5%
2020 -- - -- 219- $153,515 6.2%
2019 -- - -- 226- $157,940 6.0%
YTD $3.8 M6 1.4% $76,633$751,000 2288.9% $159,307 5.9%
2018 $154.8 M11 8.5% $145,721$15,475,550 2245.7% $156,587 5.9%
2017 $105.4 M5 5.3% $172,773$21,078,361 2046.7% $142,539 6.0%
2016 $164.3 M6 11.9% $130,332$27,391,417 1976.0% $137,537 6.0%
2015 $71.1 M12 10.9% $88,322$7,109,960 1766.5% $123,352 6.2%
2014 $60.9 M6 5.7% $118,175$10,143,367 1636.2% $113,988 6.4%
2013 $24.7 M6 4.2% $65,961$4,111,583 1487.3% $103,654 6.7%
2012 $123.9 M13 17.2% $80,995$10,326,833 1388.3% $96,417 6.8%
2011 $3.2 M4 0.6% $60,942$792,250 133- $93,198 6.8%
2010 $29.8 M3 4.1% $88,601$9,923,333 1226.2% $85,300 7.0%
2009 $0.3 M1 0.1% $33,750$270,000 93- $64,972 7.8%
2008 $0.9 M1 0.2% $56,250$900,000 1006.0% $69,975 7.7%
(1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period.
(2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.
4 & 5 STAR SALES
Completed Transactions (1)
Turnover Avg Price/UnitDeals VolumeYear
Market Pricing Trends (2)
Avg Price Price IndexAvg Cap Rate Price/Unit Cap Rate
2023 -- - -- 210- $162,015 6.1%
2022 -- - -- 211- $163,052 6.1%
2021 -- - -- 213- $164,364 6.0%
2020 -- - -- 220- $169,789 5.8%
2019 -- - -- 227- $175,017 5.5%
YTD $0 M1 1.8% -- 230- $177,485 5.4%
2018 $85.3 M3 6.9% $174,082$28,433,333 2265.7% $174,624 5.4%
2017 $91.0 M2 7.8% $189,939$45,490,310 2067.2% $159,018 5.5%
2016 $119.1 M3 15.8% $143,704$39,710,167 1995.9% $154,001 5.6%
2015 $15.9 M1 3.1% $99,634$15,941,500 1795.4% $138,200 5.8%
2014 $14.8 M1 2.5% $159,140$14,800,000 1656.0% $127,218 6.0%
2013 -- - -- 151- $116,631 6.2%
2012 $67.5 M3 20.4% $91,753$22,510,000 1406.7% $107,736 6.3%
2011 -- - -- 134- $103,363 6.4%
2010 $0.2 M1 1.9% $3,091$170,000 122- $94,362 6.6%
2009 -- - -- 93- $71,837 7.3%
2008 -- - -- 100- $77,206 7.2%
(1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period.
(2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.
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AppendixCentral Asheville Multi-Family
3 STAR SALES
Completed Transactions (1)
Turnover Avg Price/UnitDeals VolumeYear
Market Pricing Trends (2)
Avg Price Price IndexAvg Cap Rate Price/Unit Cap Rate
2023 -- - -- 209- $128,582 7.0%
2022 -- - -- 210- $128,836 7.0%
2021 -- - -- 210- $129,316 6.9%
2020 -- - -- 216- $132,768 6.7%
2019 -- - -- 222- $136,150 6.4%
YTD $1.1 M1 0.5% $58,651$1,114,365 222- $136,532 6.3%
2018 $65.5 M4 13.1% $121,513$16,373,875 2185.6% $134,097 6.3%
2017 $0.6 M1 0.1% $118,000$590,000 200- $122,632 6.3%
2016 $44.7 M2 11.0% $104,738$22,361,500 1916.3% $117,657 6.4%
2015 $29.2 M3 14.8% $116,012$29,235,000 1716.6% $105,135 6.6%
2014 $43.5 M1 10.1% $110,969$43,500,000 1606.2% $98,466 6.7%
2013 $16.8 M4 5.8% $74,531$4,192,375 1427.0% $87,456 7.0%
2012 $46.7 M3 16.5% $72,910$15,578,333 1347.2% $82,122 7.1%
2011 $1.7 M1 0.7% $66,731$1,735,000 132- $81,108 7.1%
2010 $29.6 M2 7.2% $105,338$14,800,000 1216.2% $74,580 7.3%
2009 -- - -- 93- $56,965 8.1%
2008 -- - -- 100- $61,460 7.9%
(1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period.
(2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.
1 & 2 STAR SALES
Completed Transactions (1)
Turnover Avg Price/UnitDeals VolumeYear
Market Pricing Trends (2)
Avg Price Price IndexAvg Cap Rate Price/Unit Cap Rate
2023 -- - -- 219- $126,752 7.7%
2022 -- - -- 219- $126,950 7.7%
2021 -- - -- 220- $127,383 7.6%
2020 -- - -- 226- $130,789 7.4%
2019 -- - -- 232- $134,154 7.1%
YTD $2.6 M4 2.1% $88,021$660,159 2308.9% $132,782 6.9%
2018 $4.0 M4 2.7% $120,000$1,320,000 2256.1% $129,944 6.9%
2017 $13.8 M2 8.9% $109,692$6,910,592 2015.8% $116,353 7.1%
2016 $0.5 M1 0.3% $99,000$495,000 192- $111,352 7.2%
2015 $25.9 M8 27.4% $65,962$3,240,388 1746.8% $100,564 7.5%
2014 $2.6 M4 2.1% $85,340$640,050 1586.5% $91,632 7.8%
2013 $7.9 M2 10.4% $53,020$3,950,000 1467.6% $84,538 8.0%
2012 $9.7 M7 11.0% $63,118$1,609,500 1399.4% $80,228 8.1%
2011 $1.4 M3 1.8% $55,154$478,000 132- $76,498 8.2%
2010 -- - -- 121- $70,242 8.4%
2009 $0.3 M1 0.6% $33,750$270,000 92- $53,235 9.4%
2008 $0.9 M1 1.1% $56,250$900,000 1006.0% $57,847 9.2%
(1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period.
(2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.
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AppendixCentral Asheville Multi-Family
DELIVERIES & UNDER CONSTRUCTION
Net DeliveriesInventory
Bldgs Units BldgsBldgs Units VacancyYear
Under Construction
Units
Deliveries
Bldgs Units
2023 14,415 9.0%- - 539 - -- 526
2022 13,889 8.9%- - 540 - -- 527
2021 13,362 8.3%- - 468 - -- 455
2020 12,907 7.5%- - 318 - -- 306
2019 12,601 6.8%- - 0 - -- (8)
YTD 12,609 10.6%136 0 0 1 1480 0
2018 12,609 12.1%136 4 1,019 1 1484 1,019
2017 11,590 10.1%132 6 1,020 5 1,1675 1,008
2016 10,582 6.4%127 1 168 8 1,3321 168
2015 10,414 7.5%126 7 1,408 2 4787 1,408
2014 9,006 4.2%119 1 73 7 1,4081 73
2013 8,933 4.6%118 0 0 3 4890 0
2012 8,933 5.8%118 2 537 0 02 537
2011 8,396 6.8%116 1 201 2 5371 201
2010 8,195 6.8%115 2 372 2 4812 372
2009 7,823 7.8%113 2 376 2 3722 376
2008 7,447 8.0%111 3 667 2 3763 667
2007 6,780 7.0%108 0 0 5 1,0430 0
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