JV Buys 1,700-Bed Student Housing Community

FM Capital in conjunction with Gottlieb Family Partners and AMAC Holdings acquired a 600-unit student housing community in Greenville, N.C. The joint venture plans to upgrade the property.

Paramount 3800, formerly known as Captain's Quarters
Paramount 3800, formerly known as Captain’s Quarters

FM Capital together with Gottlieb Family Partners and AMAC Holdings have acquired Captain’s Quarters, a 600-unit student housing community in Greenville, N.C., serving East Carolina University and Pitt Community College campuses. The Preiss Co. will be managing the property.

Located at 3800 Bostic Dr., the 1,692-bed community is close to various shopping, dining and entertainment venues such as North Recreational Complex, 264 Shoes & Apparel, Dunkin’ Donuts and Joe’s Country Mart. The 38 three-story buildings feature fully-furnished two-, three- and four-bedroom units with individual lease options. Apartment facilities include washer/dryer, internet with cable, walk-in closet, private bathroom and bedroom as well as a fully equipped kitchen.

Upcoming renovation

Common area amenities include shuttle service to ECU campus, fitness center, two swimming pools, tanning beds, volleyball courts, basketball court, computer center, two clubhouses, media center/movie theater, Wi-Fi, outdoor lounging and dining areas, dog park and multiple private or group study rooms.

FM Capital and AMAC plan to implement a renovation and repositioning plan for the property. Additionally, the joint venture renamed the community Paramount 3800. Recently, FM Capital closed a similar deal—the acquisition of Campus Evolution Villages, a 528-bed student-life community in Statesboro, Ga.

Image courtesy of FM Capital