Columbus Pacific Sells 802-Bed Student Community
The property is located near a flagship university campus.
Columbus Pacific has sold HELiX Starkville, a 258-unit, 802-bed student housing community in Starkville, Miss. Pumphouse Residential Group and WeldenField, along with a joint venture partner, acquired the asset.
TSB Realty arranged the transaction. SPM, an affiliate of PRG and WeldenField, will provide property and construction management services. The community was 95 percent occupied at the time of sale.
Columbus completed HELiX Starkville in 2016 and took out a $38.8 million CMBS loan a year later, according to Yardi Matrix information.
Located at 100 Dawg Drive, the community is within walking distance of the Mississippi State University campus and 2 miles from the Duby Noble Field. The city’s center is more than 2 miles away.
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The property encompasses six four-story buildings across more than 14 acres. The unit mix consists of one-, two- and four-bedroom floorplans ranging from 585 to 1,424 square feet. All units are fully furnished.
Common-area amenities include a two-story fitness center, clubhouse with billiards, swimming pool, business center and coffee lounge. The property also has study enclaves and community televisions, a tanning salon, as well as an outdoor grilling area and a gaming lounge.
Columbus Pacific currently has 13 student housing properties across the U.S. Last year, the company sold a four-property, 2,787-bed student housing portfolio to a joint venture between Blue Vista Capital Management and Clarion Partners.
Student housing sector holds steady
Preleasing activity for the upcoming academic year climbed to 73.2 percent as of April, according to the latest Yardi Matrix student housing report. This marks a 140-basis-point increase compared to the same period last year, but remained consistent with the leasing rate recorded in 2023.
However, annual rent growth decelerated to 2 percent, a decline from the 2.6 percent registered in March. This figure also falls short of the 6.4 percent average seen over the past two leasing seasons, showing a potential softening in demand.
