Impact in Action: Dream Asheville Exchange

In Q3 of 2024, the DLP Housing Fund acquired a 312-unit Class-A multifamily complex at a significant discount to replacement cost in Asheville, NC. 

Within a week of DLP’s property management company, Dream Live Prosper Communities (DLPC), assuming management of the property, now known as Dream Asheville Exchange, Hurricane Helene tested our resolve and showcased our excellence in execution to our new tenants.

For the first 72 hours after the storm, the on-site service supervisor personally oversaw the safety of the residents and the property, walking the property every hour on the hour. In the weeks that followed, team members worked 100-hour weeks to service the community, including service teams on fire watch and those responsible just for maintaining clear communication with residents. For three weeks, the property was without water, relying on pool water to flush toilets until the team was able to get pallets of water delivered from Atlanta.

The damage caused to the property and the greater Asheville community began to strain occupancy. An influx of new apartment supply in the market made matters worse, with occupancy dropping to around 80%¹—a loss of over 17%—making it challenging to maintain rental rates and leasing momentum.

In early spring of 2025, DLPC mobilized across all levels to get Dream Asheville Exchange back on track. On-site staff, regional leadership, and corporate support worked closely with focus and urgency. Despite the financial challenges many residents faced after the hurricane, the team maintained a delinquency rate of under 3%¹ through a disciplined collections process. With targeted marketing, strategic rental adjustments, and consistent daily management, occupancy steadily improved by late spring.

As of June 2025, Dream Asheville Exchange is 97%¹ leased and leading the market with strong collections and low delinquency. The community is also building connections through events like movie nights to bring neighbors together and enhance the resident experience. During our Extraordinary Impact Family Event, we had the pleasure of bringing current and prospective investors to Dream Asheville Exchange to see the DLP Housing Fund’s impact in action firsthand. Nearly 100 people were treated to a personalized tour of the property, where they had the opportunity to experience the community’s quality firsthand. They were enthusiastically greeted by the DLPC team and enjoyed charcuterie cups and themed spritzers as they mingled.