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Student Housing Community Near North Carolina State Sells for $56.7 Million

Raleigh, N.C. — Colliers International Student Housing Group has arranged the sale of Wolf Creek Apartments, now rebranded as Vie at Raleigh, a student housing apartment community near North Carolina State University in Raleigh.

The rental community has 1,394 beds and 385 units on 41.48 acres, and sold for $56.7 million, or $40,674 per bed. The sellers are Wolf Creek TIC and Wolf Creek II Borrower, and the buyer is undisclosed.

Vie at Raleigh is located less than three miles from N.C. State University, and has two-, three- and four-bedroom apartments with private bedroom-bathroom suites. All apartments have a full kitchen, in-unit laundry and balcony. 

Frank Quinn, president, and Steven Peden, senior vice president, of Colliers International Raleigh-Durham, and Travis Prince, managing director of Colliers International Student Housing Group in Tampa, Florida, represented the seller.

The buyer plans to renovate the clubhouse, fitness center, select apartment units, social lounge and study lounge. The community also has free tanning, a pet park, a resort-style pool and volleyball courts.

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