Pierce Education Properties Acquire Student Housing Community Near University Of South Carolina

Columbia, S.C. — Pointe West was purchased for $16.4 million with debt financing of $8.5 million.

Pointe West near the University of South Carolina.Columbia, S.C. — Pierce Education Properties (PEP) has purchased Pointe West, an off-community that serves University of South Carolina students, for $16.4 million. The acquisition was completed on July 1, 2014. Debt financing of $8.5 million was provided by KeyBank.

Pointe West is a 480-bed, 144-unit community west of the USC campus. This fully furnished community features two- and four-bedroom units, modern appliances, leather furniture, private balconies/patios, as well as a private washer and dryer in each unit. Property amenities include a resort-style pool surrounded by a large sundeck and hot tub, fitness center, internet café with coffee bar, sand volleyball court, basketball court, on-site hiking trails linking to regional riverfront pathways and picnic-style areas equipped with grills.

According to PEP, USC’s total enrollment is 31,964 and has 6,114 beds on-campus. “This is the fourth acquisition for PEP in the last 200 days totaling 2,700 beds during that period,” says Fred Pierce, PEP president and CEO. “We are very active buyers and are seeking to invest another $300 million in other acquisitions in the student housing sector over the next 24 months including core, core-plus and value-added opportunities.” 

Tagged under