ARA Newmark Arranges Two Student Housing Sales in the Carolinas Totaling More Than $50 Million

Sterling Cottages at West End in Greensboro offers community amenities including a resort-style swimming pool, sun deck, volleyball court and tanning dome. Sterling Cottages at West End in Greensboro offers community amenities including a resort-style swimming pool, sun deck, volleyball court and tanning dome.

Columbia, S.C. and Greensboro, N.C. — ARA Newmark has arranged two sales of student housing assets near the University of South Carolina and the University of North Carolina at Greensboro.

The sales totaled more than $50 million. In the first transaction, Pittsburgh-based Campus First Student Living purchased The Club at Carolina Stadium in Columbia from Aspen Square Management for $30.5 million. Situated directly across from Carolina Stadium, the 240-unit, 486-bed asset was fully occupied at the time of sale.

In the second deal, Shanghai-based private equity fund OC Ventures and operating partner SkyeCroft Realty purchased Sterling Cottages at West End in Greensboro from Houston-based The Dinerstein Cos. for an undisclosed price. Built in 2011, the 176-unit, 600-bed asset was 93 percent occupied at the time of sale. Ryan Lang of ARA Newmark’s Student Housing group in Austin, Texas, represented the sellers in both transactions.

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