Sandlapper Student Housing LLC, a real estate investment firm and sponsor of student housing Delaware statutory trusts, closed two student housing properties totaling 639 beds in Macomb, Illinois, the home of Western Illinois University, for undisclosed prices.
The properties, Campus Pointe and Campus Manor, represent the third and fourth property acquisitions for Sandlapper Student Housing, a joint venture between Sandlapper Capital Investments LLC and 3 Asset Management LLC. Sandlapper Capital Investments is the manager of the combined company.
“We are currently at work on additional student housing deals and are excited to continue to build our portfolio with quality assets,” said Sandlapper chief executive officer, Trevor Gordon. “We continue to see great opportunities in the student housing apartment sector – especially for stable or value-add communities in secondary and tertiary markets.”
Campus Pointe and Campus Manor serve the local student population at Western Illinois University, a comprehensive public, state-supported university. Founded in 1902, the school offers 66 undergraduate majors and 11 pre-professional degrees at the undergraduate level. The properties, which are walking distance to the university, are principally occupied by university students and are currently leasing for the 2015-2016 academic year.
Sandlapper’s first student housing acquisitions, Water’s Edge Apartments in Pensacola, Florida and Enclave West Apartments in Edwardsville, Illinois, were ultimately securitized into Delaware statutory trusts and sold to a pool of high net worth accredited investors. The deal was completed by SANDLAPPER Securities LLC in the fourth quarter of 2014 and first half of 2015 for approximately $56.87 million in equity and debt.
“We continue to see a high demand for replacement property options for those real estate investors seeking to complete an IRS Section 1031 real property exchange,” states Jack Bixler, principal and president of capital markets at SANDLAPPER Securities, and president of Sandlapper Capital Investments.
Sandlapper Student Housing is a real estate investment firm and sponsor of student housing DST investments programs, as well as a property and asset manager of student housing assets.