Eastman Residential Buys 480-Bed South Carolina Student Community
JLL provided $18.5 million in acquisition financing.
Bellamy Coastal came online in 2018. Image courtesy of JLL
Mallory & Evans Development has sold Bellamy Coastal, a 480-bed student housing community in Conway, S.C., serving Coastal Carolina University, Yardi Matrix shows. Eastman Residential, the multifamily arm of Eastman Cos., purchased the property for $28.4 million, according to public records.
The buyer financed the deal with a $18.5 million, five-year Freddie Mac loan, provided by JLL Real Estate Capital. A JLL Capital Markets team brokered the loan transaction.
The 2018-completed property comprises 150 apartments with two- and four-bedroom floorplans, ranging between 1,074 and 1,660 square feet. In-unit features include granite countertops, washers and dryers. Common-area amenities consist of a fitness center, clubhouse, business center, computer lab and study areas, along with a swimming pool and a beach volleyball court.
The Class A community is at 300 Bellamy Ave., roughly half a mile from CCU and 1.5 miles from Brooks Stadium. Myrtle Beach is some 11 miles southeast, while Coastal Center is roughly 6 miles away.
The JLL Capital Markets Debt Advisory team was led by Senior Directors Dan Kearns and Patricia Heminger, Senior Analyst Sam Tarter and Analyst Katia Novi.
South Carolina sees decline in transactions
According to Yardi Matrix, five student housing communities traded year-to-date as of October, or 2,842 beds, a decline from the nine properties—or 3,155 beds—transacted last year during the same time frame. The per-bed price also dropped to $76,427 as of October, from an average of $108,286 last year.
Notable recent transactions in the state include the purchase of Clemson Lofts, a 641-bed student housing property, by Core Spaces. The community traded for $77 million, Yardi Matrix data shows.
The student housing market remains positive
Year-over-year rent growth throughout the leasing season averaged 6.3 percent, according to a recently published national student housing report from the same source. As of September, rent stabilized at an average of $846 per bed. However, the market wrapped the leasing season with a 95.1 percent preleasing rate through September 2023, down 110 basis points year-over-year.
