Sandlapper Student Housing, LLC closes acquisition of 639 bed student housing portfolio
July 31, 2015
GREENVILLE, SC – Sandlapper Student Housing LLC (“Sandlapper”) announced today it has closed two student housing properties in Macomb, IL for undisclosed prices.
The properties, Campus Pointe and Campus Manor (CPCM) represent the third and fourth property acquisitions for Sandlapper Student Housing, LLC, a joint venture between 3 Asset Management, LLC based in South Florida and Greenville based investment firm Sandlapper Capital Investments, LLC, the manager of the combined company. “We are currently at work on additional student housing deals and are excited to continue to build our portfolio with quality assets” states Sandlapper CEO Trevor Gordon. “We continue to see great opportunities in the student housing apartment sector – especially for stable or value-add communities in secondary and tertiary markets.”
CPCM serve the local student population at Western Illinois University (“WIU”). WIU is a comprehensive public, state-supported university. Founded in 1902, WIU offers 66 undergraduate majors and 11 pre-professional degrees at the undergraduate level. CPCM is walking distance to the university and is principally occupied by WIU students. The properties are currently leasing for the 2015-2016 academic year.
Sandlapper Student Housing’s first student housing acquisitions, Water’s Edge Apartments in Pensacola, FL and Enclave West Apartments in Edwardsville, IL, were ultimately securitized into Delaware Statutory Trusts (“DSTs”) and sold to a pool of high net worth accredited investors through Sandlapper affiliate SANDLAPPER Securities, LLC in the fourth quarter of 2014 and first half of 2015 for approximately $56.87 million in equity and debt. “We continue to see a high demand for replacement property options for those real estate investors seeking to complete an IRS Section 1031 Real Property Exchange,” states Jack Bixler, principal and President of Capital Markets at SANDLAPPER Securities, and President of Sandlapper Capital Investments.
According the 2010 US Census, public university enrollment grew 38.7% between 2000 and 2010. This enrollment growth in higher education around the country continues to drive demand for student housing product, and its attractiveness as an investment opportunity to Sandlapper and its clients. “There are only five states that have been able to keep up with student housing during this time period,” said Ray Sun, Chief Investment Officer for Sandlapper Capital Investments and affiliate Sandlapper Student Housing. “The IL properties were exciting deals to do given the high demand for student housing and considering WIU continues to experience steady enrollment growth. Our proximity to campus makes these properties highly desirable to students.”
About Sandlapper Student Housing, LLC
Sandlapper Student Housing, LLC is a real estate investment firm and sponsor of student housing DST investments programs as well as a property and asset manager of student housing assets. The firm is a joint venture of 3 Asset Management, LLC and Sandlapper Capital Investments, LLC, led by industry veteran Trevor Gordon, CEO and Founder of the Sandlapper Companies.
For more information on the Sandlapper Companies please visit www.GoSandlapper.com.
