CAYCE, SC—San Diego, CA-based Pierce EducationProperties has acquired the Pointe Weststudent housing community here for $16.35 million.

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The student housing investment and management firm saysKeyBank provided debt financing of approximately$8.5 million for the 480-bed, 144-unit off-campus student housingcommunity that serves students of the University of SouthCarolina.

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The fully furnished community features two- and four-bedroomunits, modern appliances, leather furniture, privatebalconies/patios, as well as a private washer and dryer in eachunit. Property amenities include a resort-style pool surrounded bya large sundeck and hot tub, a fitness center, Internet café withcoffee bar, sand volleyball court, basketball court, on-site hikingtrails linking to regional riverfront pathways, and picnic-styleareas equipped with grills.

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“This is the fourth acquisition for PEP in the last 200 daystotaling 2,700 beds during that period,” says Pierce EducationProperties President and CEO Fred Pierce. “We arevery active buyers and are seeking to invest another $300 millionin other acquisitions in the student housing sector over the next24 months including core, core-plus and value-addedopportunities.”

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Pierce has a portfolio of 6,850 beds and since 2007 hascompleted more than $450 million in acquisitions totaling more than11,000 beds.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.