DEAL OF THE DAY: 472-Bed Student Housing Property Sold for $26M

By Anuradha Kher, Online News EditorAustin, Texas– Chicago, Ill.-based Campus Acquisitions, a firm that focuses on student housing acquisitions, redevelopments and new construction, recently bought Sterling by the River, a 170-unit student housing property located in West Columbia, S.C. for $26 million.Built in 2007, Sterling by the River is comprised of 12 buildings totaling 472 beds, featuring 86 two-bedroom, 36 three-bedroom and 48 four-bedroom units. Apartment Realty Advisors (ARA) Austin Managing Director Patton Jones and ARA National Student Housing Group Director, Chris Bancroft, represented the seller, Houston-based Dinerstein Cos., in the transaction.“Sterling by the River was highly sought after by private and institutional investors due to its location just a mile and a half from the University of South Carolina,” says Jones. “In addition, the property was also built by Dinerstein Companies, which is renowned for building high-quality student living assets.”Bancroft says, “By focusing on the quality of the asset, its proximity to the University of South Carolina, and the attractive cap rate yield, we were able to drive investor interest and generate multiple offers for our client.”