Greenville, N.C.—Student housing investment and development firm Pierce Education Properties LP, partnering with an affiliate of Core Properties LLC, has acquired Phase I and Phase II of North Campus Crossing, an off-campus housing community serving Eastern Carolina University students.
The acquisition, totaling $56.5 million, was completed Feb. 1. The Phase I purchase was funded through the assumption of a $26.8 million loan held by Midland Loan Services, Inc. The Phase II acquisition was made possible by means of a Freddie Mac loan of $19.8 million secured through Holliday Fenoglio Fowler, LP. The property will be managed by PEP Property Management, a division of Pierce Education Properties.
North Campus Crossing is a Class A, premier, 600-unit, 1,652-bed, off-campus housing community developed in 2005-06 in Greenville, N.C. The community is within three miles of the Eastern Carolina University campus, and right next to ECU‘s North Campus Recreation Center, featuring a man-made lake and beach, zip-line and Frisbee golf course. Residential units at the community range from one to four bedrooms, each with a like number of bathrooms.
The fully furnished apartments offer full-size washers and dryers, kitchen and appliances. Students can luxuriate at any one of three pools, and can also savor the cabana lounge, pirate ship waterfall and two hot tubs.
The community features a computer center, study rooms, full-size gymnasium, fitness center, aerobics rooms, 15-seat theater and media center, five tanning beds, basketball courts, sand volleyballs courts, game room and campus shuttle.
Pierce and Core plan almost $1 million in property improvements. Among those upgrades will be an enhanced cyber cafe with new computers and printers, modern pool furniture, stand-up HEX tanning beds, and additional fitness center equipment. A new campus shuttle to Pitt Community College will be added.
Pierce and Core also plan to incorporate a new residential life director position, as well as a comprehensive resident life program for residents, focused on social, charitable, physical and educational activities.
Core Properties CEO Jeff Coopersmith says his company is excited to establish the joint venture with Pierce Education Properties. “We have successfully invested in student apartments near ECU in the past, and are pleased to continue to invest in this robust market,” he remarks.
No purpose-built student apartment community in the country offers as many amenities for students as North Campus Crossing, adds PEP president and CEO Fred Pierce. “NCC’s adjacency to ECU’s North Campus Recreation Center provides unparalleled access to those additional features and intramural activities,” he adds. “We are delighted to own the premier student apartment community at ECU.”
The North Campus Crossing acquisition brings PEP’s purchases over the last five-plus years to approximately $350 million, putting the company among the country’s top 10 student apartment buyers during that time period.