New $44.4 Million Development Will Deliver 120 Affordable Homes to Buncombe County
WOODFIN, N.C. — Woodfin leaders, housing advocates, and development partners gathered to celebrate the groundbreaking of Rocky River Apartments, a new 120-unit affordable housing community that will bring much-needed housing opportunities to families across the Asheville region.
Developed by Fitch Irick Corporation, Rocky River Apartments will provide one-, two-, three-, and four-bedroom homes for households earning between 30% and 80% of Area Median Income (AMI). The $44.4 million development is anticipated to open in early 2028.
Located along Reynolds Mountain Boulevard in Woodfin, the community represents a collaborative partnership between local government agencies, housing organizations, financial institutions, and private development partners committed to expanding affordable housing access in Western North Carolina.
“Affordable housing is one of the defining challenges facing communities across the country, and meaningful progress only happens when organizations come together around a shared purpose,” said Tom Anderson, Chief Development Officer at Fitch Irick. “Seeing the level of support and commitment behind Rocky River is incredibly encouraging, and it speaks volumes about the Town of Woodfin and Buncombe County’s dedication to creating housing opportunities for its residents.”
The development was made possible through partnerships with the North Carolina Housing Finance Agency, Housing Authority of the City of Asheville, Buncombe County, Town of Woodfin, First Citizens Bank, Citi Community Capital, and Red Stone Equity Partners.
“Affordable housing is complex work, and communities like Rocky River only become possible through strong partnerships, shared vision, and persistence,” said Anderea Gonzalez, Vice President of Development at Fitch Irick. “There are so many people whose fingerprints are on this development, and we’re incredibly proud to celebrate what this collaboration will mean for families in Woodfin and the greater Asheville community.”
Rocky River Apartments will include 14 one-bedroom units, 52 two-bedroom units, 42 three-bedroom units, and 12 four-bedroom units across the nearly eight-acre site. The community is expected to begin welcoming residents in February 2028.
Founded in 2014, Fitch Irick Corporation is a Charlotte-based real estate company specializing in workforce and affordable housing development, investment, and management across the Southeast.
For more information, visit Fitch Irick Corporation.
Media Contact
Liz Cicirello
ecicirello@fitchirick.com