Progress Student Living Sells NC and GA Complexes


two soldProgress Student Living announced today it has sold two luxury student housing communities that it developed recently in North Carolina and Georgia. The buyer of both properties is Phillips Acquisitions, based in Santa Barbara, California. The transaction was brokered by CB Richard Ellis’s National Student Housing Group in Dallas. The transaction price was not disclosed.

Sold in portfolio transaction were Progress910, a 168-unit complex with 528 bedroom/bathroom suites near the UNC Wilmington in Wilmington, N.C.; and Monarch301, a 180-unit complex with 546 bedroom/bathroom suites near Georgia Southern University in Statesboro, Ga. Each property is currently 97% leased.

“Progress 910 and Monarch 301 are among the top off-campus housing options for students at UNCW and Georgia Southern,” said Andrew Weddle, a principal with Progress Student Living who helped develop, operate and sell both properties. “Each is located close to campus, is well-built, and offers a full slate of amenities that are popular with student renters.”

Progress910 consists of three four-story residential buildings located on a 16-acre site at 316 Marlboro Street in Wilmington. Apartments are also available in two- and three-bedroom-suite floor plans. Among the property’s amenities are an outdoor, resort-style pool with poolside cabanas; a 24-hour, state-of-the art fitness center; an activity room with a fireplace, lounge areas, and billiards and ping-pong tables; and a secluded cybercafé and study lounge.

Monarch301 is located on a 10-acre site at 816 S. Main Street in Statesboro. It consists of four interconnected four-story buildings with fully furnished apartments available in one-, two- and four-bedroom-suite floor plans that feature 40-inch, flat-screen televisions; high-speed Internet connections; private patios or balconies; and full-size washers and dryers. Property amenities include an outdoor, resort-style pool with poolside cabanas; a lighted sand volleyball court; a sunken fire pit with circular seating; outdoor hammock gardens; a clubhouse with a coffee lounge and game rooms; barbecue grilling areas with picnic seating; and a 24-hour fitness center with a private exercise room.

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