Student Housing Developments in Boone Sold


sold stamp blueNorthState Capital Partners has led an investment group in the acquisition of a three-property student housing apartment portfolio totaling 336 beds. The properties serve students of Appalachian State University in Boone, NC and include Highland Crossing, a 204-bed apartment community, Greenway Commons consisting of 84 beds, and Greenway Cove with 48 beds.

The combined apartment units are currently 96% occupied. The Highland Crossing property is a mixeduse property with approximately 7,500 square feet of vacant ground-floor retail space. “This acquisition fits nicely with our strategy of investing in stable, income-producing real estate with an opportunity to add value for our investors through the lease-up of the vacant commercial space”, said Shane Buckner, a Managing Partner at NorthState Capital Partners.

“We really like the Boone market, which has significant barriers to entry for new development and we believe these three properties are positioned favorably within that market”, said David Dupree, a Managing Partner at NorthState Capital Partners.

The properties are in close proximity to Appalachian State University campus and offer students a variety of housing options with two, three, and four bedroom units. The AppalCart, the primary local
public transportation system, which is very popular with students, has bus stops directly in front of the properties, providing convenience for the residents.

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