Dec
13

Raleigh Student Housing Complex Sold

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Inland American Communities (IAC), a wholly owned subsidiary of Inland American Real Estate Trust, Inc. (Inland American), today announced the company’s acquisition of two fully-developed student housing properties, The Retreats, from Landmark Properties for $94.6 million. The two properties, located in Florida and North Carolina, contain a total of 1,264 beds with premier amenities such as resort style swimming pools with movie screens, basketball courts, tanning beds, game rooms, grilling areas and sand volleyball courts.

The North Carolina property is The Retreat in Raleigh, NC – North Carolina State University

Located 2.5 miles from North Carolina State University, the largest university in North Carolina with a total enrollment of 34,767 students, The Retreat contains 554 beds with a 9,000-square-foot club house with a catering kitchen, pool tables, foosball and flat screen TVs. In addition, the property offers 557 parking spaces for residents and their guests. The Retreat is 93 percent leased for the 2012 – 2013 school year.

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