Asheville-based East West Capital, LLC, announces its most recent acquisition, a 28.8 acre site in the prime district of South Asheville.
“We are delighted to have completed the acquisition of this superb property,” said East West Capital’s Principal, David Moritz. “We feel that the property can be developed into one of the most sought after neighborhoods in Asheville.”
The property off Overlook Road is the largest in-fill parcel in its area. Nestled in the mountains, it borders two of the most prestigious communities, the Ramble and Biltmore Park. It is easily accessible to downtown Asheville, the airport and retail areas. Nearby to the north is the beautiful Biltmore House & Gardens, George Vanderbilt’s 250- room chateau, gardens and winery, sitting on 8,000 acres of protected land. A half-mile to the east is a major artery with shops, supermarkets and restaurants. Biltmore Park Town Square, a modern mixed-use community with residences, offices and retail outlets, sits 2 miles southwest of the property. Excellent public and private schools are a mile away.
“People are drawn to this Overlook property because of its excellent location,” said Brian Nelson, Principal of East West Capital. “You can live near everything yet be tucked away. We want to deliver a differentiated community and retain the beauty of this wooded property, offering the most convenient and desirable living in Asheville."
City water and sewer connect to the property. There are seven existing homes, which may be rented until the land is developed. The property is zoned for density and was previously approved for as many as 190 units.
The Overlook property is one of several significant bank-owned assets in Western Carolina that East West Capital has acquired this year. East West Capital acquires unique assets in the region with significant growth potential. “We were pleased to have closed this all cash deal quickly once terms were finalized,” said Mr. Nelson.
"I have been extremely impressed by the focus and agility of East West Capital and their commitment to acquire distinct projects," commented Mike Figura, owner of Mosaic Realty, which specializes in Asheville urban, historic and green homes, and who
acted as Buyer’s broker on this transaction. "We are excited to work with them."
East West Capital has additional presence in Florida and Singapore. The two principals have over 30 years combined experience in real estate, finance and law.