Pierce Education Properties and Core Properties Acquire ECU Complex for $56.5 Million

Greenville, N.C. — The 1,692-bed complex includes numerous amenities, with additional upgrades planned.

North Campus Crossing in Greenville, N.C.Greenville, N.C. —  Pierce Education Properties, through a joint venture with an affiliate of Core Properties, has acquired North Campus Crossing (Phase I and Phase II), a 1,692-bed, off-campus housing community serving Eastern Carolina University students.

The $56.5 million acquisition was completed on Feb. 1. A $26.8 million loan held by Midland Loan Services was assumed for the Phase I purchase and a Freddie Mac loan of $19.8 million was secured through Holliday Fenoglio Fowler to finance the Phase II acquisition. PEP Property Management, a division of Pierce Education Properties, will manage the property.

Developed in 2005 and 2006, North Campus Crossing serves Eastern Carolina University in Greenville, N.C. The 600-unit, gated property is located within three miles of campus and is contiguous to ECU’s North Campus Recreation Center, which features a man-made lake and beach, ECU’s intramural fields, a zip line and frisbee golf course. The apartments at North Campus Crossing are comprised of 1-to-4-bedroom models.

Property amenities include three pools with cabana lounge and pirate ship waterfall, two hot tubs, campus shuttle, computer center, study rooms, full-size gymnasium, fitness center, aerobics room, 15-seat theater/media center, five tanning beds, six basketball courts, sand volleyball courts and a game room.

Pierce and Core plan to invest nearly $1 million in improvements to the community, including a campus shuttle to Pitt Community College, an upgraded Cyber Café with more computers and printers, modern pool furniture, stand-up HEX tanning beds, and additional fitness center equipment. Management enhancements include a new residential life director position, and a comprehensive resident life program for residents focused on monthly social, charitable, physical and educational activities.

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