Scion, Virtus Acquire Student Housing Community

HFF provides acquisition financing for a joint venture acquisition; Questar Properties opens a new 561-unit property in Anne Arundel County, Md.; and Centerline Capital provides a $11.6 million DUS facility for a student housing purchase.

Pirate's Cove

Greenville, N.C.—A joint venture between The Scion Group and Virtus Real Estate Capital has acquired Pirate’s Cove, a 264-unt, 1,056-bed student housing community near East Carolina University in Greenville, N.C. Holliday Fenoglio Fowler LP arranged $21.8 million in acquisition financing for the transaction. The 10-year, fixed-rate loan was secured through Freddie Mac’s CME Program.

The 2000-built asset sits on 55 acres of land located approximately two miles from East Carolina University. All units are four-bedroom, four-bath homes. The Scion Group has a $2 million plan for interior upgrades to the property, which are scheduled for completion in 2012. Amenities include two clubhouses, two swimming pools, three sand volley ball courts, a basketball court, tennis court and tanning salon.

561-unit asset opens in Maryland

Anne Arundel County, Md.—Questar Properties has opened Dorsey Ridge, a new 561-unit luxury apartment community located in Anne Arundel County, Md. Pre-leasing began on April 1, 2012, with first occupancy scheduled for June 15, 2012.

Dorsey Ridge

The property will offer two distinct styles of living. Serenity Place is a mid-rise asset with 323 units in four-story elevator accessed buildings. The Villas (238 units) is comprised of one- and two-story flats and townhome residences with attached and direct access garage parking.

The amenity package includes swimming pools, movie theaters, fitness centers, playrooms, internet cafes, business centers, conference rooms and concierges. Dorsey Ridge was developed to achieve LEED Silver certification and is located just a short walk from The Arundel Mills Mall.

Centerline Capital provides $11.6M for student housing purchase

Greenville, N.C.—Centerline Capital Group has provided a $11.6 million DUS Student Housing facility to Realco Capital Partners for the acquisition of University Suites, a student housing asset located in Greenville, N.C.

The property is a garden style community with 171 units encompassing 503 beds. Amenities include a clubhouse with kitchen, two tanning beds, an outdoor pool, billiards table, lounge with fireplace, computer lab, fitness center, volleyball court, and a basketball court.