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27th Floor
Charlotte, NC 28202

Phone: 704/972-2500
Fax: 704/972-2698

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Northview at Biltmore Lake, Asheville, NC

Faison Announces Acquisition of Asheville, NC Apartment Complex

Charlotte, NC — February 3, 2006 — Charlotte based Faison & Associates, LLC has announced the acquisition of the 252-unit Northview at Biltmore Lake apartment community and 30 acres of adjacent land. Northview is located in Asheville, NC on the northern edge of the Pisgah National Forest, 15 minutes west of downtown Asheville and is approximately 1.8 miles from Exit 44 on I-40.

Built in 2005 in the Craftsman architectural style, Northview at Biltmore Lake covers approximately 32 acres and consists of nine, 3-4 split buildings, 10 detached garage buildings, a maintenance building/car wash station, and a clubhouse/management office. The property includes parking for 500 cars on both surface lots and in 60 covered garage spaces. Also included are 80 storage units in the garage buildings. There are 70 one bedroom, 126 two bedroom and 56 three bedroom units with a community average of 1,047 square feet.

Project amenities include detached garages with automatic garage door openers, a car wash station, fitness facility, swimming pool and outdoor fire pit. Hominy Creek borders the east side of the property and a one-mile walking path circles the community.

“We like the fundamentals of the Asheville market and its prospects for growth. The acquisition of Northview at Biltmore Lakes provides an entrance into the Asheville market,” commented James W. Apple, Jr., Executive Vice President of Residential and Commercial Development for Faison & Associates.

Faison Enterprises, Inc. is a privately-held development company with a diversified product portfolio that includes retail, commercial and residential project development, management and acquisitions services. With more than 40 years in the business and holdings of approximately $1 billion, including $500 million of new projects under development, the Charlotte NC based company manages and develops properties throughout the South and Mid-Atlantic and maintains regional offices in Bethesda MD, Washington D.C., Charlotte NC, Charleston SC, Atlanta GA, Orlando and Delray Beach, FL. For more information, visit www.faison.com.


Residential Development: James W. Apple, Jr., 704-972-2500, email: jim.apple@faison.com
Media: Carol Lommerse, 704-972-2669 or carol.lommerse@faison.com
Web site address: www.faison.com
Source: Faison Residential Development

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