Cushman & Wakefield announced that the commercial real estate services firm has arranged the sale of The Current at Coastal, an off-campus student housing community situated directly adjacent to Coastal Carolina University (CCU).
Travis Prince, Shawn Lubic, Victoria Marks and Tai Cohen of Cushman & Wakefield arranged the sale on behalf of special servicer LNR Partners. The property was acquired by Walk2Campus Properties.
“The Current is a prime acquisition target for student housing buyers. The property has been well maintained and is an outstanding opportunity to acquire a quality asset at an extremely attractive basis below replacement costs in a market with no forward development pipeline,” said Prince.
Located at 650 SC-544, The Current at Coastal was just over 83 percent leased at the time of sale. The student housing apartment community features 128 units and was recently renovated to include new unit furniture, repainted units, upgraded appliances and HVAC units and a completely refreshed clubhouse. Amenities include a 24-hour fitness center, study lounge, resident events, on-site management and immediate access to CCU’s northwest campus.
“This property is in line with direct competitors that share a similar physical plant, unit mix and location,” added Prince. “Given the similarities and the increased performance of the off-campus student housing market, new ownership has the opportunity to achieve high occupancy levels for the upcoming school year.”