North Carolina

mike-hung

Charlotte, N.C. — Student housing development firm Subtext has launched a new acquisitions vertical as part of the company’s strategic expansion. The company has selected Mike Hung to spearhead the initiative, holding the role of partner and executive vice president of acquisitions. Based in Charlotte, North Carolina, Hung brings over 15 years of experience in the real estate sector to the role. He previously served as a member of the executive team of CA Ventures’ student housing platform. Prior to joining Subtext, he founded Citrine Partners, a multifamily investment shop …

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Winston-Salem, N.C. — Stratus Development Group has broken ground on The Haven at Wake, a 153-bed development located near the Wake Forest University campus in Winston-Salem. The community will offer a mix of two-, three- and four-bedroom units with bed-to-bath parity. Located at 450 Polo Road, the project is 1/2 mile from the Wake Forest campus. Shared amenities will include parking, a swimming pool and sundeck, clubhouse, study rooms, fitness facilities, community green space and a dog park. A timeline for the project was not announced. 

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Boone, N.C. — A public-private partnership between Harrison Street, Radnor Property Group and Appalachian State University has announced plans for an employee housing project on the university’s campus in Boone. The development will be composed of five buildings offering 156 units in one-, two- and three-bedroom configurations. The community is expected for completion in 2025. Financing for the development will be provided through a 501c3 ownership structure, which is being utilized to enhance affordability. The community will be part of the university’s multi-phase Innovation District development. Subsequent phases of development …

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Raleigh, N.C. — The Preiss Co. (TPCO) has announced several promotions across the company’s property management platform. Sara Clark has been promoted to executive vice president of property management. In her new position, Clark will be responsible for overall property management operations, and will provide direct oversight to strategic assets and partnerships. Prior to her promotion, Clark most recently served as vice president.  Chloe Rasmussen has been promoted to vice president of property management. Prior to her promotion, Rasmussen directly oversaw the company’s properties in Raleigh and its conventional multifamily …

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Raleigh, N.C. — The Preiss Co. has recapitalized Campus Edge, a 546-bed student housing community located near North Carolina State University’s Centennial Campus in Raleigh. Preiss is set to begin a multi-million dollar improvement plan at the property imminently, which will include upgrading cabinets; the addition of granite countertops; furniture updates; refreshed flooring and appliances in apartments; updated landscaping; and clubhouse swimming pool improvements. “We are excited to keep Campus Edge under the Preiss umbrella,” says John Revington, executive vice president of investments. “Historically, this student apartment complex has been …

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Valentine-Commons

Raleigh, N.C. — The Preiss Co. (TPCO) has acquired Valentine Commons, a 928-bed student housing property located near the North Carolina (NC) State University campus in Raleigh. Located steps away from campus at 3009 ME Valentine Dr., the property features an 11-story building offering 277 fully furnished units in two-, three- and four-bedroom configurations. Shared amenities include a swimming pool, rooftop terrace, private study rooms on every floor, a business center, aerobics room, fitness center, game room and a private parking garage. While the sales price was not disclosed, Ben …

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Villages-Wake-Forest_Winston-Salem

Winston-Salem, N.C. — Champion Real Estate Co. has purchased Villages at Wake Forest, a 75-unit portfolio comprising single-family homes and duplexes located across the street from Wake Forest University. Scott Clifton and Stewart Hayes of JLL represented Champion and the undisclosed seller in the $43 million transaction. Located at 961 Palm Drive in Winston-Salem, the 62-parcel portfolio, which will be rebranded as Victory at Wake Forest, is Champion’s first student housing community in North Carolina. The buyer plans to fully furnish all units and lease by the bed.

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Starkville, Miss. and Greenville, N.C. — Nitya Capital has acquired two student housing communities in Mississippi and North Carolina. The properties offer a total of 1,829 beds. In the first transaction, Nitya acquired an undisclosed property in Starkville, Mississippi, from FPA6 The Pointe. In the second transaction, the company acquired an undisclosed community in Greenville, North Carolina, from a major investment management firm. Further details were not disclosed. 

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Whitney-Kidd-Headshot

Raleigh, N.C. — The Preiss Co. (TPCO) has hired Whitney Kidd as senior vice president of innovation and technology. In her new role, Kidd will be responsible for the development of revenue generating technology initiatives serving the Raleigh, North Carolina-based company’s portfolio and broader multifamily markets. “As we continue to expand our multifamily housing portfolio nationwide, we are always seeking new and innovative opportunities to maximize our business potential,” says COO Adam Byrley. “With nearly two decades of industry experience, Whitney will help move us forward as we work to create …

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IPCC-Arcadia-Student-Living

Charlotte, N.C. — A joint venture between Cardinal Group Cos. and TPG Real Estate Partners has acquired Arcadia Student Living, a 765-bed community located near the University of North Carolina at Charlotte. Built in 2015, the community is located one mile from campus and offers 205 units. Shared amenities include a resort-style swimming pool with poolside grills; an upscale fitness center with a steam room and sauna; and a resort-style clubhouse with entertaining areas, study rooms and a computer lab. The new ownership plans to implement capital expenditures including unit upgrades …

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