Waypoint Residential Sells NC Community for $23M

The buyer rebranded the 168-unit student housing asset and assumed a nearly $14 million mortgage taken by the seller in 2017.
Block 43 East, formerly Spring Place Apartments. Image via Google Maps

OC Ventures has acquired Spring Place Apartments, a 168-unit student housing community in Greensboro, N.C., for $23.2 million from Waypoint Residential, according to Yardi Matrix. The new owner rebranded the asset as Block 43 East, naming Burkely Communities as the property manager.

The buyer assumed the outstanding balance of a $13.6 million U.S. Bank mortgage taken in April 2017, when the seller purchased the asset from a joint venture between Blue Vista Capital Management and Place Properties for $19.5 million. The loan matures in May 2024 and bears a fixed interest rate of 4.55 percent.

Located at 3610 Clifton Road, the community is within 3 miles of the University of North Carolina at Greensboro. The property is close to the Spring Garden Street retail corridor, with a number of public transportation routes connecting the area to the campus and the wider metro.

The community, opened in 2009, contains a mix of two- and four-bedroom apartments and townhouse units, with floorplans ranging from 766 to 1,454 square feet. Amenities include basketball and volleyball courts, a fitness center, a business center, a clubhouse and a swimming pool.

Last month, another student housing asset changed hands 30 miles to the west. The 110-unit property traded for nearly $4 million in a double-escrow transaction.