Apr
15

Columbia Student Housing Complex Sold

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Campus Acquisitions Buys Properties for $39M

By Gina Kenny – Globestreet

CHICAGO-Campus Acquisitions LLC, based here, is buying two student apartment communities with a total of 306 units for about $39 million. The company acquired Sterling by the River, 500 Alexander Road, Columbia, SC, from Houston-based Dinerstein Cos, and acquired Bishop Square, 109 Craddock Ave., San Marcos, TX, from Austin-based Falcon Southwest.

GE Real Estate, headquartered in Norwalk, CT, provided $30.5 million in financing for the acquisitions, which includes $400,000 for repairs, upgrades and new signage, says Lance Wright, Southwest regional director for GE Real Estate. The loan to value for the financing is 78%, meaning a total estimated cost for the two properties of nearly $38.6 million. The term of the loan is three years, with two one-year extensions, and a fixed interest rate of 5.5%, Wright tells GlobeSt.com. James Tramuto, SVP with CBRE Melody Capital Markets, originated the loan on behalf of the new owner.

Both properties are off-campus student apartment communities. Sterling by the River is two miles from the University of South Carolina. The 173-unit apartment community, which has 184,960 rentable sf, was developed in 2007 and has 11 two- and three-story buildings on nearly 8.2 acres. The property has 88 two-bedroom units, 36 three-bedroom units and 48 four-bedroom units, Wright tells GlobeSt.com. The property also has 158 parking spaces. The occupancy rate is 98%, he says. Amenities include a shuttle to the university’s campus, a computer lab, swimming pool, hot tub and fitness center. Sterling by the River is within walking distance of the Congaree Vista, a dining and entertainment district, Wright says.

LINK TO ARTICLE HERE:

http://www.globest.com/news/1132_1132/chicago/169781-1.html?type=pf
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