Progress Student Living Sells Two Student Housing Communities

Progress Student Living sold a two-property portfolio to Phillips Acquisitions, a privately held real estate investment, development and management firm based in Santa Barbara, Calif., focused on student housing.
Progress910 (Wilmington, N.C.) Aerial Photo

Progress910

Statesboro, Ga.—Progress Student Living sold a two-property portfolio to Phillips Acquisitions, a privately held real estate investment, development and management firm based in Santa Barbara, Calif., focused on student housing. Ryan Reid and Ryan Lang of CB Richard Ellis’s National Student Housing Group in Dallas brokered the transaction. The transaction price was not disclosed.

The two properties are Monarch301 and Progress910. Monarch301 is located on 10 acres near Georgia Southern University (GSU) in Statesboro, Ga. It holds 180 fully furnished units with 546 beds within walking distance to the GSU campus. Progress910 is near the University of North Carolina Wilmington. It is a 168-unit fully furnished community with 546 beds.

“Progress 910 and Monarch 301 are among the top off-campus housing options for students at UNCW and Georgia Southern,” said Andrew Weddle, a principal with Progress Student Living who helped develop, operate and sell both properties. “Each is located close to campus, is well-built, and offers a full slate of amenities that are popular with student renters.”

Progress910 consists of three four-story residential buildings. Fully furnished apartments are available in two, three and four bedroom-suite apartment suites. Amenities include washers and dryers in each unit, walk-in closets, a 24-hour fitness center, pool, an activity room with a fireplace and billiards.

Jonathan Washburn of Coldwell Banker Commercial Sun Coast Partners assisted with developing and selling Progress910. “Jonathan’s expert knowledge of the Wilmington market and local land-use and development regulations helped us immeasurably as we built and then sold this project,” Weddle said.

Bordering the GSU campus, Monarch301 consists of four interconnected four-story buildings with fully furnished apartments available in one-, two- and four-bedroom-suites. Amenities feature 40” flat screen televisions in each unit, fitness center and pool, and free utilities including high-speed Internet.

“From an investment perspective, these are excellent assets to hold in a portfolio given their location, building quality and amenities, as well as the forecast growth in enrollment at both universities,” Weddle said.