CAYCE, SC—San Diego, CA-based Pierce Education Properties has acquired the Pointe West student housing community here for $16.35 million.
The student housing investment and management firm says KeyBank provided debt financing of approximately $8.5 million for the 480-bed, 144-unit off-campus student housing community that serves students of the University of South Carolina.
The fully furnished community features two- and four-bedroom units, modern appliances, leather furniture, private balconies/patios, as well as a private washer and dryer in each unit. Property amenities include a resort-style pool surrounded by a large sundeck and hot tub, a fitness center, Internet café with coffee bar, sand volleyball court, basketball court, on-site hiking trails linking to regional riverfront pathways, and picnic-style areas equipped with grills.
“This is the fourth acquisition for PEP in the last 200 days totaling 2,700 beds during that period,” says Pierce Education Properties President and CEO Fred Pierce. “We are very active buyers and are seeking to invest another $300 million in other acquisitions in the student housing sector over the next 24 months including core, core-plus and value-added opportunities.”
Pierce has a portfolio of 6,850 beds and since 2007 has completed more than $450 million in acquisitions totaling more than 11,000 beds.