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Real Estate - Residential

Luxury Student Housing Sells For $27M In Wilmington

By Cece Nunn, posted Feb 24, 2020
OC Ventures of Chicago bought Lighthouse, a 348-bed luxury student housing community in Wilmington. (Photo courtesy of CBRE)
Student housing in the Port City continues to make the grade among real estate investors.

A commercial real estate company announced Monday the purchase of a Wilmington student housing complex by a Chicago firm.

OC Ventures bought Lighthouse, a 348-bed, 124-unit luxury student housing community at 4955 Pepys Lane in Wilmington from California-based Coastal Ridge Real Estate, according to the news release from CBRE.

The price was $27 million, according to the deed recorded in New Hanover County.
 
Located less than two blocks from the University of North Carolina Wilmington off the intersection of South College Road and Randall Parkway, Lighthouse is within walking distance of the campus and nearby retail, the release stated.
 
“As the only asset in the market offering a walk-to-class location and Class A finishes, Lighthouse was a phenomenal investment opportunity for OC Ventures. The property has achieved strong performance serving a university that grew enrollment 34% over the last decade and is projected to grow by an additional 1,500 students by 2021,” said William Vonderfecht, senior vice president at CBRE, in the release.
 
Built in 2014, the student housing complex is located adjacent to University of North Carolina, Wilmington. The property includes a clubhouse with a game room, fitness center, study center, and a theater room.

Exterior amenities include a swimming pool with a hot tub, two sand volleyball courts, an outdoor kitchen with grilling stations, a hammock garden and a firepit.

"Each unit offers Class A finishes, including stainless steel appliances, modern furniture, dark wood cabinets and faux wood flooring in common areas," the release stated.

According to the release, CBRE’s National Student Housing team’s Jaclyn Fitts, William Vonderfecht and Casey Schaefer along with Kevin Kempf on CBRE’s Southeast Multifamily team arranged the transaction on behalf of Coastal Ridge Real Estate. CBRE also represented Coastal Ridge Real Estate when they acquired the asset in 2016.

CBRE is a publicly traded (NYSE: CBRE) commercial real estate services and investment firm headquartered in Los Angeles.

OC Ventures also purchased a student housing complex in Rochester, New York, 1 mile south of the Rochester Institute of Technology, for $35.3 million, according to a Multi-Housing News story.
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