Source: RealtyMogul.com / #Student #Housing
LOS ANGELES, CA - RealtyMogul.com, the online marketplace for real estate investing, announced it has successfully funded $1 million, through its investor base, of the $37.5 million total capital raised to acquire a three property student housing portfolio for sponsor Student Quarters, the student housing investment arm of St. Clair Holdings.
The online marketplace offered investors the opportunity to invest as co-general partners in the deal alongside student housing institutional investor, Harrison Street Real Estate Capital. Student Quarters will use the capital raised to acquire and renovate the properties in Greensboro, North Carolina, at the home of The University of North Carolina, Greensboro, and in Johnson City, Tennessee, at East Tennessee State University.
“We are excited to partner with Student Quarters to offer our investors the first of potentially many investments in the student housing space,” said Jilliene Helman, CEO of RealtyMogul.com. “Providing our investors the opportunity to participate in a deal of this caliber is something we are extremely proud of.”
“We were thrilled with RealtyMogul.com’s team and the closing of our first deal together,” said Andy Feinour, president of Student Quarters. “They acted as a true partner, and were really there for us with flexibility and speed. We look forward to working with them again in the near future.”
The properties have a total of 1,108 beds and are currently 95 percent leased. The sponsor will handle all aspects of the investment including purchasing the assets and driving revenues through an improved property management strategy and a comprehensive capital improvement expenditure plan. Peak Campus, the second largest privately-owned U.S. student housing management company, will manage the portfolio investment.