$21M Student Housing Community Trades in NC
- May 23, 2018
Marcus & Millichap has secured the sale of Deacon Rental Properties, a 251-bed community in Winston-Salem, N.C. McDaniel’s and the company’s Allen Smith and Ian Turnbull represented the seller, Deacon Rental Properties and procured the buyer Mission Bay Investments which acquired the asset for $20.9 million, or $83,267 per bed. Earlier this month, Marcus & Millichap also negotiated the sale of an 1,546-bed student housing portfolio in Rexburg, Idaho.
“The Deacon Rental Properties portfolio is a very well-maintained asset and has excellent rental history,” Nate McDaniel, director of Marcus & Millichap’s National Multi Housing Group in uptown Charlotte, said in prepared remarks. “At the time of the sale, occupancy was 98 percent due largely to owners that kept the pulse on what the student body looks for in an off-campus student housing experience.”
Located at 961 Palm Drive, the 64-unit property is situated within walking distance of the Wake Forest University campus. Deacon Rental Properties offers three- and four-bedroom units ranging from 1,800 to 2,100 square feet. Other nearby attractions include Water Tower Field and W. Dennie Spry Soccer Stadium.
This transaction marks the 28th closing in the last 12 months for the McDaniel team with Marcus & Millichap.
Image courtesy of Marcus & Millichap
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