CHARLESTON, SC—When there are only two student housing properties in the entire community, you can bet on strong demand. That’s the case in Charleston, SC. Investors snapped up 400 Meeting Street, a 160-bed, 41-unit student housing community there.
CMB Properties, a Charleston-based real estate investment management firm, purchased the property for $18.5 million from Davis Property Group. The asset is 100% occupied.
Not only is the four-story building is one of only two student apartment communities in the city, it is also centrally located. High-activity areas of the Charleston Peninsula surround the student housing complex.
Ryan Lang, Ryan Reid, Jaclyn Fitts, and Phil Brosseau with CBRE’s National Student Housing team, brokered the sale. According to CBRE, this transaction continues the trend of investors aggressively targeting core assets walking distance to campus.
“Charleston lacked quality off-campus housing options at the time of sale, and 400 Meeting Street filled that void,” says Lang, a vice president with CBRE. “The asset is extremely well positioned within the market and garnered strong interest across the capital spectrum.”
The student housing property was constructed in 2013. It features fully-furnished units, hardwood-style flooring in all living areas, black appliances, a washer and dryer in each unit, controlled building access, and a fully equipped fitness center.