Dec
30

Elon Student Housing Complex Sold

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Crest at Elon, a student housing facility in Elon, NC, has traded for $4 million. The student housing community caters to the students of Elon University, a private liberal arts school.

The 42-unit, 168-bed student housing facility is located at 756 E Haggard Ave. on the Elon University campus. The university is master leasing the 50,400-square-foot facility. The sales price represents an 8.81% year one cap rate based upon the Loopnet listing.  The property offers a clubhouse lounge with a computer lab, meeting rooms and fitness center. Unit amenities include a bedroom furniture package with built-in desk in every bedroom, private bathrooms in each bedroom, full size washer/dryer, and eat in kitchen fully applianced including dishwasher and microwave. All utilities are included in rent.

A California-based private investment group purchased the student housing facility. The buyer elected to keep Priess as the management company for the property, in order to maintain a strong relationship with the university.

 

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    Categories : North Carolina News

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