Mapletree Sells NC Student Community for $91M

The asset previously traded for $60 million.

The community at 615 Fallview Lane in Boone, N.C.
The Cottages of Boone features 93 residential buildings, a fitness center, clubhouse and swimming pool. Image courtesy of Mapletree

Mapletree Investments has sold The Cottages of Boone, an 894-bed student housing community in Boone, N.C., a Hickory submarket. Timberline Real Estate Ventures acquired the asset for $91 million and took out a $79.4 million loan originated by Walton Street Capital, public records show.

Mapletree had acquired the asset in 2017 through its Global Student Accommodation Private Trust fund. Capstone Real Estate Investments sold it for $60 million, according to Yardi Matrix information.

Completed in 2013, the Class A community features 93 one-, two- and three-story buildings spread across 70 acres. The unit mix consists of one-, three-, four- and five-bedroom layouts, ranging from 594 to 2,054 square feet. Select floorplans also include private balconies or patios.


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Common-area amenities comprise a fitness center, swimming pool, hot tub, clubhouse, business center and spa. Additionally, the property has a dry sauna and steam room, outdoor fire pit lounge, study lounge, computer lab and private conference room, along with a game room.

The Cottages of Boone is at 615 Fallview Lane, less than 2 miles from the Appalachian State University’s campus and within 3 miles from the Kidd Brewer Stadium. Downtown Boone is roughly 4 miles northeast.

A high-performing university

The student housing sector remains robust on a national level, despite a slowdown in preleasing and rent growth, according to a recent Yardi Matrix student housing report. Preleasing reached 80 percent in May, 10 basis points higher year-over-year.

The Appalachian State University’ preleasing rate stood at 95.4 percent during the same period. In terms of rent growth, the university saw a 15.2 percent increase year-over-year.

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