CHARLOTTE, NC—Crest at Elon, a student housing facility in Elon, NC, has traded for $4 million. The student housing community caters to the students of Elon University, a private liberal arts school.
Steven Peden, senior vice president for Colliers International | Raleigh-Durham, in conjunction with Sean Baird, associate of the Colliers International Student Housing Group, represented the seller, The Preiss Company. The student housing is 100% occupied.
“By keeping the current management in place, the buyer maintained a relationship with the university to continue the master lease and eliminate lease-up risk,” says Baird. “Tier two and three universities are seeing greater interest in the marketplace as strong yields and cash flows can be found with minimal competition from established student housing operators.”
A California-based private investment group purchased the student housing facility. The buyer elected to keep Priess as the management company for the property, in order to maintain a strong relationship with the university.
The 42-unit, 168-bed student housing facility is located at 756 E Haggard Ave. on the Elon University campus. The university is master leasing the 50,400-square-foot facility.
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