72 Bed Student Housing with room to develop an additional 72 beds, Wilmington, NC.
Property:
The property originally consisted of 24 units (72 beds) of student housing at UNCW, with the option to purchase two additional land parcels and double the size of the property. There was also additional upside by adding amenities and allowing pets.
Strategy:
We purchased and immediately began operating the existing 24 units while negotiating to purchase the two abandoned houses next door. We successfully replotted the parcels to one lot which inherited the multifamily zoning. We then built an additional 24 units (72 beds) for a total of 48 units (144 beds), effectively doubling the size of the property. We also added amenities (sport court, dog park, sun deck, gazebo and grills) and were able to raise rents substantially in the first year of ownership.
Highlights:
•Located 1/4 mile from UNCW entrance
•All bedrooms have private on-suite bathrooms
•From 2009–2020, UNCW led the UNC System with 39% enrollment growth
•Off-campus housing demand is accelerating as on-campus housing hits capacity
•The city of Wilmington is also experiencing growth which is further decreasing the housing supply.
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