Enclave Piney Mountain Phase I is a 212-unit apartment community fully capitalized ($45M+) and under construction with leasing and product delivery scheduled to commence in Q1 2022. The convenient location offers quick and easy access to downtown Asheville, all major thoroughfares and a wide variety of employers, dining, retail, entertainment, and outdoor activities, including the Blue Ridge Parkway. The 31.4-acre site is uniquely located on Piney Mountain approximately one mile east of downtown with easy access via Tunnel Road or Interstate 240. The site was designed to capture the natural beauty of Piney Mountain by offering a variety of amenities and venues for mountain-side lifestyle, including expansive outdoor activities with hiking trails and scenic views of downtown Asheville and the surrounding mountains.
Additionally, we own a 9.8-acre site adjacent to Phase I which is fully entitled for 116 additional apartment homes. Combining Phase II’s operations with Phase I will offer management synergies and efficiencies and should yield enhanced returns to our investors. We expect to capitalize and commence construction of Phase II in 2022.