MRA Brokers $26.55M N.C. Student Housing Sale

Multifamily Realty Advisors recently represented American Campus Communities in the sale of Campus Walk and Brookstone Village Apartments in Wilmington, N.C. The communities were sold for $26.55 million to Gross + Cohen Real Estate Investors Ltd.

Wilmington, N.C.—Multifamily Realty Advisors LLC (MRA) recently represented American Campus Communities in the sale of Campus Walk and Brookstone Village Apartments in Wilmington, N.C. The communities were sold for $26.55 million to Gross + Cohen Real Estate Investors Ltd.

The two communities, built in 1991 and 1994, respectively, include a total of 413 garden-style and townhome apartment units, with private and “by-the-bed” accommodations. According to Richard Cotton, managing director, MRA, the two communities “are located directly across the street from each other, within walking distance of the UNCW campus, and are operated as a single community.”

Amenities for the community include a clubhouse at each property, outdoor swimming pools, a fitness center, basketball court, sand volleyball court, horseshoe pits and picnic area with grills.

Total enrollment for the 2012-2013 academic year at UNCW is estimated at 13,340. On-campus housing, which currently is fully occupied, has the capacity to house 4,190 students.

“These two student communities were acquired by American Campus Communities as part of its $1.4 billion portfolio purchase from GMH Communities Trust in 2008,” Cotton tells MHN. “Although built in the early 1990s, the two properties are well maintained and have enjoyed exceptional performance over the past few years, out-performing all other student housing properties in that market. For the 2012-13 academic year, both properties were 100 percent pre-leased with a waiting list.”