WILMINGTON, NC - Richard Cotton of Multifamily Realty Advisors is pleased to have represented American Campus Communities in connection with the sale of Campus Walk and Brookstone Village Apartments in Wilmington, North Carolina.
Built in 1991 and 1994, these two off-campus student housing communities are exceptionally located just two blocks from the UNCW campus and together provide a combination of 413 garden-style and townhome apartment units offering both private and “by-the-bed” accommodations. Community amenities include a clubhouse at each property, outdoor swimming pools, deluxe fitness center, basketball court, sand volleyball court, horseshoe pits, and picnic area with grills.
Located in Wilmington NC near Wrightsville Beach, UNCW is part of the 17-campus University of North Carolina System. Total enrollment for academic year 2012-13 is estimated at 13,340. Evidencing strong demand, UNCW receives over 14,500 applications for the 3,250 first-year and transfer spaces available each fall. On-campus student housing at UNCW has the capacity to house 4,190 students and is fully occupied--- leaving 9,150 students searching for off-campus accommodations.
The two communities were sold for a combined sale price of $26.55 million to an affiliate of Gross + Cohen Real Estate Investors, Ltd., a nationally recognized real estate firm focused on the acquisition of off-campus student housing. The seller, American Campus Communities, is the largest developer, owner and manager of high-quality student housing communities in the United States.
Richard Cotton is Managing Director of Multifamily Realty Advisors, LLC, a regional commercial real estate firm with an exclusive focus on the apartment sector. MRA provides brokerage and advisory services to buyers, sellers, developers, and lenders of apartment properties within the firm’s primary apartment markets of Raleigh, Durham, Chapel Hill, and Wilmington North Carolina.