CHICAGO, IL – OC Ventures has acquired Spring Place, a 576-bed student housing community serving the students at UNC-Greensboro and North Carolina A&T State University. Kevin Larimer and Greg Gonzalez of Berkadia’s Student Housing team completed the sale on behalf of Waypoint Residential. The community consists of two- and four-bedroom garden and townhouse style apartment units.
The closing of Spring Place marks OC’s second asset in the Greensboro market and the fifth student housing acquisition. Previously, the student housing investment group acquired Block 43 Apartments, a 600-bed cottage-style community in Greensboro and three additional properties in Upstate New York. With 2,458-beds in their portfolio, OC Ventures is one of the fastest growing owners of premier student housing in the United States.
“We are happy to add Spring Place to our portfolio of luxury student housing assets,” said Steve Zhang, CIO of OC Ventures. “OC is now the second largest provider of student housing in Greensboro. UNC-Greensboro and North Carolina A&T are wonderful schools that offer their students a top-rate education. We look forward to expanding our relationship with these universities and providing their students with high-quality accommodations in an academically-focused learning and living community.”
“This was a great transaction to work on as it helps both groups accomplish their goals,” said Greg Gonzalez, Berkadia Director of Student Housing. “OC Ventures continues to add scale in the Greensboro market and grow their national presence in student housing. Waypoint is able to show investors the value creation at Spring Place and continue to grow in the sector through acquisitions and management capabilities with the Waypoint Student Living platform.”
Built in 2009, the property offers spacious floorplans that include private bedroom and bathrooms, in-unit washers and dryers, and come fully furnished. The community also features a fitness center, computer lounge, recreation rooms, basketball and volleyball court, a saltwater pool, and private shuttle service to local college campuses. Spring Place is professionally managed by Burkely Communities.