The Lofts in Boone

Jones Lang LaSalle, a North Carolina licensed real estate broker (“JLL”), has been retained as the exclusive sales representative for The Lofts in Boone (the “Property” or “Asset”) a 2010 vintage asset consisting of 48 units. Given the 2010 vintage and capital spend since ownership purchased in 2020, the asset presents investors with a strong cash flow opportunity in one of the tightest multifamily markets in North Carolina with minimal CapEx on the horizon.

The Asset is well located, less than a 10-minute drive to Appalachian State University (App State) and Downtown Boone featuring an attractive nightlife and restaurant scene. Even closer to the asset, tenants can enjoy easily accessible retail through the Boone Mall and numerous restaurants and bars surrounding it, along with multiple grocery stores just a short drive from the Asset.

Boone also stands as one of the tightest multifamily markets in North Carolina with occupancy at or above 99% since Q4 2020. The strong market occupancy is largely driven by a dearth of student housing as App State continues to grow with minimal developments on the horizon to accommodate the growing University due to the high barriers to entry the market features.

Given these dynamics along with the phenomenal location, The Lofts in Boone presents investors with minimal capital spend and strong occupancy in a market with significant supply constraints that will further push rents for the foreseeable future.