June 8, 2021 10:30 AM
Newmark announces the sale of The Landing, a 288-unit, 888-bed student housing asset in Greenville, North Carolina. Newmark Vice Chairman and Head of Student Housing division Ryan Lang, Associate Director Jack Brett, in cooperation with Vice Chairman Dean Smith, represented the seller, RCLCO, in the transaction to an undisclosed buyer. Transaction Manager Ben Harkrider provided support on the transaction.
Located at 1920 Exchange Drive, The Landing is contemporary off-campus housing serving students of East Carolina University (ECU). The student housing property is less than two miles from Greenville’s most popular bars, restaurants, shopping and more. Community amenities include a pool, hot tub and sundeck, 24-hour fitness center, club house, basketball court, volleyball court, sundeck, dog park, and covered parking.
“The Landing demonstrates a clear value proposition with favorable demographics throughout the Carolinas, and more specifically at ECU,” said Lang. “With yields still trading significantly outside of many other asset classes, and tremendously strong fundamentals, capital remains keen on finding strategic opportunities within the sector.”
ECU, with an enrollment of 28,651 students, is a highly respected research institution in North Carolina. The university has grown enrollment by almost 7 percent total since 2013 and projects additional growth of almost 8 percent over the next four years. The university suspects enrollment will surpass 30,000 students for the first time in the history of ECU in 2021.*
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2020, Newmark generated revenues in excess of $1.9 billion. To learn more, visit nmrk.com or follow @newmark.
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