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Balfour Beatty Communities expanded its student housing portfolio with the acquisition of Carolina Cove located in Wilmington, North Carolina. The 228-unit community features a mix of two- and three-bedroom floor plans and serves students enrolled at the University of North Carolina at Wilmington. Acquired as part of a joint venture with Apex One Investment Partners, the transaction marks Balfour Beatty’s first in the off-campus student housing market.
Built in 2013, the community—which will be rebranded as Aspire 349—occupies more than 13 acres at 349 Campus Cove and offers 600 beds. In addition to its immediate proximity to UNC Wilmington, the well-positioned asset is situated near a vibrant mix of restaurants, shopping and entertainment options and provides easy access to downtown Wilmington.
The ten three-story buildings feature two- and three-bedroom units averaging just over 1,100 square feet. The apartments offer private bedrooms and bathrooms, fully equipped kitchen, in-unit washer and dryer, walk-in closets and covered porch along with a WIFI and cable TV package. Common area amenities include a resort style pool, state-of-the-art fitness center, outdoor grilling area, beach volleyball, basketball court, hammock garden and dog park. In addition, the clubhouse features a recently renovated business center, gaming lounge, tanning area and high-speed internet throughout.
"We are very pleased to continue our successful partnership with Apex One and expand our student housing portfolio into North Carolina with our first acquisition in off-campus student housing,” said Chris Williams, president of Balfour Beatty Communities. “This transaction is an exciting execution on our strategy to further invest in well-located properties with upside potential that can be realized through operational and capital improvements and a perfect complement to our existing portfolio of on-campus student housing. Our team looks forward to leveraging their more than 50 years of combined experience in off-campus student housing to reposition the property as Aspire 349 and deliver the exceptional living experience and market-leading performance that are hallmarks of our business."
Balfour Beatty Communities will self-perform property management services through its Campus Housing Division and will invest in a series of capital improvements at the property, including both interior and exterior upgrades.