WILMINGTON, NC - Richard Cotton of Multifamily Realty Advisors, LLC is pleased to have represented the seller as their exclusive listing broker and advisor in connection with the sale of Camden Forest and Wilshire Landing Apartments in Wilmington, North Carolina---the newest “by-the-bed” luxury student housing communities to be built in the UNCW student housing market.
Completed in 2013 and 2011, Camden Forest and Wilshire Landing are located less than three-quarters of a mile from the UNCW campus and together provide a total of 200 units with accommodations for 504 students, each with master bedroom suites, private bathrooms, and large walk-in closets. Community amenities include a clubhouse at each property, outdoor swimming pools, deluxe fitness center, and much more.
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 was 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 only 4,190 students and is fully occupied--- leaving 9,150 students searching for off-campus accommodations.
The two communities were acquired by The Preiss Company based in Raleigh, North Carolina, for a combined sale price of $29 million. The Preiss Company is the fifth largest privately-held owner and operator of off-campus student housing in the nation with a portfolio of over 16,000 beds in nine states and 13 markets. The sellers were entities of the original developer and managing partner, Adam Sosne of MFH Construction, a prominent apartment development firm based in Wilmington, North Carolina.
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.