Lone Star Funds ("Lone Star") today announced that an affiliate of Lone Star Real Estate Fund VI, L.P. has successfully completed the sale of the Lofts at Reynolds Village, a 201-unit multifamily community with approximately 63,000 square feet of ground-floor retail space located in Asheville, North Carolina. The buyer is Continental Realty Corporation, a Baltimore-based commercial real estate and investment firm. Financial terms of the transaction were not disclosed.
The transaction, structured as a sale of REIT stock, represents the first disposition from a 42-asset portfolio acquired by Lone Star in September 2022.
Since acquiring the property, Lone Star has driven significant growth in multifamily usage and maintained strong occupancy levels across the community. The firm also worked to reposition the property's retail offering, optimizing the tenant mix to enhance the asset's overall value and market appeal.
"This transaction reflects our ability to create long-term value through the execution of our broader investment strategy," said Jérôme Foulon, Global Head of Commercial Real Estate at Lone Star. "Applying our value-add strategic approach, we were able to continue to build on the Lofts at Reynolds Village momentum and enhance the overall profile of tenant mix. This was a unique property in a growing market that needed a partner that saw what was possible through meaningful investment."
Walker Dunlop served as advisors to Lone Star in this transaction.
About Lone Star
Lone Star is a leading private equity firm advising funds that invest globally in corporate equity, credit, real estate and other financial assets. Since the establishment of its first fund in 1995, Lone Star has organized 25 private equity funds with aggregate capital commitments totaling approximately $95 billion. The firm organizes its funds in three series: the Opportunity Fund series; the Commercial Real Estate Fund series; and the U.S. Residential Mortgage Fund series. Lone Star invests on behalf of its limited partners, which include institutional investors such as pension funds and sovereign wealth funds, as well as foundations and endowments that support medical research, higher education, and other philanthropic causes. For more information regarding Lone Star Funds, go to www.lonestarfunds.com.
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