Mar
04

Student Housing Scarcity Drives Pricing

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When there are only two student housing properties in the entire community, you can bet on strong demand. That’s the case in Charleston, SC. Investors snapped up 400 Meeting Street, a 160-bed, 41-unit student housing community there.

CMB Properties, a Charleston-based real estate investment management firm, purchased the property for $18.5 million from Davis Property Group. The asset is 100% occupied.

Not only is the four-story building is one of only two student apartment communities in the city, it is also centrally located. High-activity areas of the Charleston Peninsula surround the student housing complex.

Ryan Lang, Ryan Reid, Jaclyn Fitts, and Phil Brosseau with CBRE’s National Student Housing team, brokered the sale. According to CBRE, this transaction continues the trend of investors aggressively targeting core assets walking distance to campus.

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