GREENVILLE, NC - FM Capital, in conjunction with Gottlieb Family Partners, and AMAC Holdings, through a joint venture, announced that they have acquired Captain's Quarters, the largest student housing property in Greenville, NC, near East Carolina University (ECU) and Pitt Community College (PITT) campuses.
"The Captain's Quarters sales process was extremely competitive as the asset offered unprecedented upside potential given ECU's strong enrollment growth. FM Capital and AMAC's track record closing complicated transactions allowed for them to rise to the top of the aggressive bidding process," said Jaclyn Fitts, Director of National Student Housing, CBRE. With this acquisition, FM Capital's student housing portfolio has reached a new milestone of over 5,000 beds.
Captain's Quarters encompasses 600 units and 1,692 beds, spans 38 buildings and has extensive amenities, including: three resort-style pools with expansive outdoor lounging and dining areas, two clubhouses, full-court basketball gymnasium, double sand volleyball courts, dog park, fitness center, theater room, computer lab, and multiple private and group study rooms.
FM Capital and AMAC plan to renovate and reposition the property, in order to restore it as one of the most desirable student housing communities in the Greenville market. Upon takeover, FM Capital and AMAC announced a rebranding of the property, changing the name from Captain's Quarters to Paramount 3800. The new name reflects ownership's strategy to offer a more modern brand that represents a new resident-life experience. Paramount 3800 will also undergo a multi-million dollar renovation. This includes exterior and interior improvements such as the upgrading and modernization of the common areas and amenities, installing high-speed fiber-optic internet, and unit upgrades.
The Preiss Company, a national leader in owning and operating student housing, has been selected to manage the property. According to Joe Fishman, VP of Acquisitions for FM Capital, "The Preiss Company's industry expertise and youthful approach mirrors our value-add strategy for this asset." Prior to purchase, the property was divided into two adjacent lots (Phases). Phase I (876-beds) was occupied at 78% for the 2017-18 academic year, while Phase II (816-beds) was left vacant. Post-acquisition, ownership plans to merge the two phases and operate them as a single entity.