In 2025, Asheville’s commercial property transfers have seen East Asheville shopping centers swapping hands, health care companies seeking new property for hospital and historic buildings in downtown Asheville being sold by long-time owners.
As the year winds down, here’s what to know about the year’s biggest sales so far.
Verde Vista Apartments sold for over $78 million
The East Asheville apartment complex “Verde Vista” sold for over $78 million in September, the highest single property transfer in Buncombe County as of Nov. 2, according to public records. The multi-family apartments located in East Asheville near Bleachery Boulevard was sold by Sunroad Verde Vista Apartments LLC to Fairfield Verde Vista LLC. It is the fifth largest single property transaction included in Buncombe County property sales data.
East Asheville shopping center sold for over $45 million
Selling in early August, the 120,000 square foot shopping mall opposite of the Asheville Mall, containing a Whole Foods and Guitar Center, was purchased by InvenTrust Properties for over $45 million.
The property was rezoned by Asheville City Council in 2021 to “Urban Place,” a form code developed to encourage high density, transit-oriented development in key areas in the city. While other property owners had sued the city, creating more options for their rezoned properties, the previous owners of Asheville Markets did not seek to sue the city and did not receive the same options offered by a 2024 settlement in that suit.
Highline North Apartments sold for nearly $43 million
In Weaverville, Highline North Apartments was sold by Reynolds Greensboro LLC and Fall Line Investments LLC to Graybul Highline LLC for $42.9 million in May, according to property records.
Novant Health purchased 31 acres for $26 million
The Southeastern regional healthcare company Novant Health purchased 31 acres at 433 Long Shoals Road for $26 million in February, according to property records. The sale comes as Novant Health is seeking to expand services in Asheville, proposing to develop a new hospital in Arden with 34 acute beds. The healthcare system is one of four that has filed a certificate of need application with the North Carolina Department of Health and Human Services $322.2 million and would be completed in January 2030.
Kohl’s, PetSmart properties sold for over $21 million
The property with Kohl’s, PetSmart and the strip mall containing Great Clips and Glamour Nails — near the East Asheville Walmart — were sold to the Atlanta-based real estate firm RCG Ventures for $21.7 million in late June. Operating in 32 states, the company was reported to be the country’s 50th largest retail holding company in 2018, according to its website.
The properties had been rezoned by the city of Asheville in 2021 to “Urban Place,” a form code developed to encourage high density, transit-oriented development in key areas in the city.
The previous property owner, American Finance Operating Partnership, operating under the subsidiary ARC RBASHNC001, LLC, sued the city over the designation in 2022. The property had been one of several included in the 122-acre first phase of Urban Place rezonings. A 2024 settlement granted owners to develop the land under previous zoning or under the new Urban Place designation.
Hotel involved in bankruptcy proceedings sold for $18 million
A hotel that was in development in South Asheville, near the Asheville Regional Airport, sold after its parent company filed for bankruptcy earlier this year. The Hyatt Place hotel at 329 Rockwood Road was sold by the hotelier PMHB LLC for over $18 million in September to AFF V HP AVL OWNER LLC, a subsidiary of the Atlanta-based asset management firm The Ardent Companies.
Southern Appalachian Highlands Conservancy preserves Richmond Hill with $12 million purchase
An 83-acre parcel adjoining Richmond Hill Park, overlooking the French Broad River, was purchased for over $12 million on March 18 for permanent conservation by the Asheville-based nonprofit Southern Appalachian Highlands Conservancy.
The property had been subject to a years-long back-and-forth between residents of the town of Woodfin and the previous owner of the property, who sought to develop it into an urban landscape with over 1,500 apartments, a 250-room hotel, an office building and retail facilities. A lawsuit was filed by the developer against the town in 2024, but was dismissed in May 2025 after the sale.
ABCCM buys Tunnel Road hotel for nearly $12 million
The Quality Inn at 1430 Tunnel Road in East Asheville was acquired by the Asheville Buncombe Community Christian Ministry in July. The hotel was converted into 134 units of permanent supportive housing for veterans, which was lauded as a “historical accomplishment” for the nonprofit that regularly serves around 450 veterans at its Veterans Restoration Quarters.
The sale came after ABCCM suffered a devastating loss in September when Helene destroyed the Veterans Restoration Quarters, a 250-bed facility that sits near the Swannanoa River. At that time, the nonprofit shifted its residents in the program to the Quality Inn hotel.
Novant Health makes additional purchase for $9.9 million
Novant Health made an additional purchase at Long Shoals Road, buying nearly 4 acres for $9.9 million at 415 Long Shoals Road, according to property transfers. The property abuts other Long Shoals Road parcels purchased by Novant Health.
Downtown AT&T building sold to New York-based real estate development firm for over $9.5 million
Near the Grove Arcade, 24 O’ Henry Road in downtown, a building long held by AT&T, was sold to the New York-based real estate development firm Reign Capital for $9.5 million in January.
Will Hofmann is the Growth and Development Reporter for the Asheville Citizen Times, part of the USA Today Network. Got a tip? Email him at WHofmann@citizentimes.com or message will_hofmann.01 on Signal.
