XFD Real Estate JV Buys North Carolina Student Housing Community
The new owners plan to invest $2 million to upgrade the 888-bed property in Greenville.
XFD Real Estate Partners has teamed up with Ash Real Estate, Saxum Real Estate and Anchor Real Estate Capital to acquire The Landing, an 888-bed student housing community in Greenville, N.C. Newmark brokered the transaction on behalf of the seller, RCLCO.
Located at 1920 Exchange Drive near the East Carolina University campus, the 288-unit property covers 21 acres.
Built in 2008, The Landing features two-, three- and four-bedroom units with bad-to-bath parity. Amenities include three swimming pools, a spa with sundeck, a 24-hour fitness center, volleyball and basketball courts, group study rooms, a computer lab and a dog park.
According to Samuel Mtunga, co-founder & chief operating officer at XFD Real Estate Partners, the joint venture will be deploying $2 million in capital improvements over the following 12 months.
XFD Real Estate Partners will be The Landing’s third owner and will manage the property in-house, through its own management platform.
Vice Chairman & Head of Student Housing Division Ryan Lang, Vice Chairman Dean Smith and Associate Director Jack Brett of Newmark conducted the sale. Transaction Manager Ben Harkrider also provided support in closing the deal.
A strong acquisition pipeline
The Landing marks XFD’s second acquisition in a series of planned acquisitions, increasing the company’s portfolio to more than $250 million of assets under management and more than 4,700 beds, according to Co-founder & President Doug Larson.
In the final quarter of last year, The Vecino Group selected XFD to manage two of its student housing properties—Muse and Muse-Omaha—located in Bowling Green, Ky., and in Omaha, Neb.
In August last year XFD bought Cottage Row in Statesboro, Ga., from Rialto Capital. The company paid $45.2 million for the 1,807-bed student housing community using a five-year, $32.7 million acquisition loan provided by Ameris Bank.