San Mateo, CA – March 14, 2023 – Clarion Partners Real Estate Income Fund Inc. has strategically added to its property holdings with the acquisition of Retreat at Weaverville*, a 176-unit multifamily community located in Asheville, N.C.
Located within two hours of Charlotte, N.C. and four hours of Atlanta, Asheville is a thriving mountain city that offers residents and tourists access to extensive outdoor activities via the Blue Ridge Mountains and surrounding national forests. Asheville continues to expand its employment base in hospitality, healthcare, manufacturing, and science and technology, driving higher than national-level population growth. Retreat at Weaverville is located within one mile of Interstate 26, providing direct access to the Asheville Regional Airport and numerous retail and lifestyle amenities in downtown Asheville and the River Arts District.
“With its strong market fundamentals, multifamily remains well-positioned to weather today's challenging economic conditions," said Managing Director and Clarion Partners Real Estate Income Fund Portfolio Manager Rick Schaupp. “This particular property was an excellent opportunity to acquire a newly constructed and stabilized community in a growing submarket with compelling resident demographics. We believe Retreat will be a strong addition to the fund's holdings as Asheville continues to attract more and more young professionals looking for the best of both city life and the great outdoors."
Completed in 2021, Retreat sits on a 16.85-acre site and is comprised of seven three- and four-story, wood-framed residential buildings with ample open-surface parking spaces and 28 detached garages. Current community amenities include a clubhouse, coffee bar, dog wash station and off-leash dog park, fitness center, yoga and spin room, office workspaces, and a swimming pool. The newly selected property manager will complete numerous amenity upgrades over the next year, including pool furniture upgrades, clubhouse enhancements, the installation of property access gates, the addition of a parcel locker, and elevated landscaping.
Clarion Partners, a leading U.S. real estate investment manager, is part of Franklin Templeton's alternatives business, which spans a broad range of strategies, including real estate, private credit, hedge funds, and secondary private equity and co-investments with approximately $257 billion in assets under management as of December 31, 2022.
Clarion Partners Real Estate Income Fund Inc. is distributed by Franklin Distributors, LLC.
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About Clarion Partners Real Estate Income Fund Inc.
The Fund offers individual investors direct access to a portfolio of privately-held, income-producing commercial real estate properties through an innovative investment fund driven by Clarion's deep real estate expertise. The Fund is a non-diversified, closed-end management investment company that continuously offers its common stock. The Fund's investment manager, Legg Mason Partners Fund Advisor, LLC is an indirect, wholly owned subsidiary of Franklin Resources, Inc. (“Franklin Resources") and the fund's investment sub-adviser, Clarion Partners, is an indirect, majority-owned subsidiary of Franklin Resources. In addition, the Fund's securities sub-adviser, Western Asset Management, also is an indirect wholly owned subsidiary of Franklin Resources. Hard copies of the Fund's complete audited financial statements are available free of charge upon request. More information about the Fund is available at CPREIF.com.
About Clarion Partners
Clarion Partners, an SEC registered investment adviser with FCA-authorized and FINRA member affiliates, has been a leading U.S. real estate investment manager for 40 years. Headquartered in New York, the firm maintains strategically located offices across the United States and Europe. With $82.4 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its 500 domestic and international institutional investors. More information about the firm is available at www.clarionpartners.com.
About Franklin Templeton
Franklin Resources, Inc. [NYSE:BEN] is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 155 countries. Franklin Templeton's mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With offices in more than 30 countries and approximately 1,300 investment professionals, the California-based company has over 75 years of investment experience and approximately $1.4 trillion in assets under management as of January 31, 2023. For more information, please visit franklinresources.com and follow us on LinkedIn, Twitter and Facebook.
*The acquisition of Retreat at Weaverville in Asheville, N.C. represents 9.6% of relative percentage of the holding of the entire portfolio (100%) as of March 13, 2023. Characteristics and holding weightings are based on the total portfolio and are subject to change at any time; they are provided for informational purposes only. This information should not be construed as a recommendation to purchase or sell any security. There can be no assurance that any unrealized investment described herein will prove to be profitable.