Purchase of The Residences at Biltmore Contributes to Local Economy
GREENVILLE, SC, December 10, 2012 – Serrus Capital Partners, a Greenville, South Carolina real estate investment firm, recently purchased the remaining 50 condominiums at The Residences at Biltmore, located on Biltmore Avenue, near the Biltmore estate. The purchase price combined with unit updates places the Serrus investment at $9 million, supporting local economy growth. The firm plans to offer the condos at a reset market rate, much less than the original asking price or original pre-sales, with units starting below $250,000.
“At Serrus Capital Partners, we’ve been paying attention to the Asheville market and recognize its allure to residential real estate investors and the continuous stream of visitors attracted to this unique and engaging community,” said Steve Mudge, co-founder and CEO of Serrus Capital Partners. “We aim to bring our real estate expertise and stability to a property that has a lot to offer, and in doing so, contribute to the local economy.”
The Residences at Biltmore hosts 114 single family residences, from studio to three-bedroom accommodations. The 50 units purchased by Serrus Capital Partners in November are being updated and refurnished for market introduction in December 2012.
“Serrus plans to implement a long-term hold strategy with the release of the individual units to market,” ensured Chris Laney, vice president, sales and marketing at Serrus Capital Partners. “To maximize market value, we will not flood the market. This will be a phased approach, starting with the release in December – two or three at a time.”
The newly purchased luxury units are two- and three-bedrooms, each equipped with full-service, granite countertop kitchens, flat-screen televisions, designer linens, bath retreats with jetted tubs and frameless walk-in showers, custom rock gas fireplaces and private balconies with mountain views. There is an on-site fitness center and an outdoor recreational area with a pool, hot tub and fire pit. Condominium owners will be invited to participate in the optional rental program. Biltmore Management will continue to oversee and manage the property.
Mudge says, “We see this as a great investment for Serrus and a beneficial gain for Asheville. We’re excited to be active in this market and look forward to contributing to tourism, one of Asheville’s main economic drivers.”
About Serrus Capital Partners
Established in 2009, Serrus Capital Partners
is a real estate investment and management firm headquartered in Greenville, South Carolina. With an experienced team of real estate developers, entrepreneurs and financiers, the firm holds the acumen to manage capital wisely and the vision to strategically grow a portfolio of properties. Serrus Capital Partners has acquired 242 properties across the Carolinas, including units at Carolina Walk in Columbia, South Carolina, Summit Condos at Pelham Springs in Greenville, South Carolina, and The Residences at Biltmore in Asheville, North Carolina. Serrus Capital Partners was recently ranked second in the annual South Carolina’s Fastest- Growing Companies competition. For more information, visit www.serrus.com.
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