RALEIGH, NC - Richard Cotton of Multifamily Realty Advisors is pleased to have represented the NC State Student Aid Association (the “Wolfpack Club”) as its exclusive listing broker and advisor in connection with the sale of the “The College Inn” apartments, the premier mid-rise student housing complex for students of North Carolina State University in Raleigh. The Preiss Company, based in Raleigh, acquired the property on December 15, 2011 for $26.5 million. The Preiss Company is the largest provider of off-campus student housing at NC State and is the 11th largest student housing real estate firm in the country.
The College Inn was owned and operated by the Wolfpack Club, a non-profit organization, ever since it was built in 2004. The property is an upscale, stabilized, well performing institutional student housing asset that enjoys an exceptional location on Western Boulevard at Avent Ferry Road within walking distance to NC State’s Central Campus to the north, the South Campus immediately to the southwest, and the Centennial Campus a few blocks to the southeast. NC State currently has over 34,000 students and almost 8,000 employees and is the largest university in the state.
Situated on 3.26 acres, The College Inn is comprised of four-story interconnecting buildings in a “U” configuration containing a total of 121 apartment units with 440 beds. The property is leased “by-the-bed” and the apartments are fully furnished and feature 4 distinct floor plans offering residents a variety of unit layouts with fully equipped kitchens, ceiling fans, full size washer-dryers, and cable/internet connections in each bedroom. All utilities (except telephone) are included in the rental rate including electric, water-sewer, cable TV, and high speed internet.
Community amenities include a clubhouse with business center, outdoor swimming pool with sundeck, deluxe fitness center, picnic area with grills, game room with pool table, and study rooms with computers and printers. A four-level parking deck provides 396 parking spaces for the exclusive use by residents.
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.