Joshua Scango 704-668-6361
John Bergin 704-804-3342
Waterstone Multi-Family Group is pleased to present Carolina Creek Apartments – a 171 unit (513 Bed) Student Housing Property located at East Carolina University in Greenville, NC. ECU is the 4th largest university in North Carolina with approximately 30,000 students enrolled. The subject property is located within 1 mile of ECU’s main campus with the ECU shuttle bus taking students to and from campus.
This asset has a proven Value-Add play as 120 beds have been renovated to luxury units and are receiving an additional $75/bed/month premium, for a total of $550/bed/month. The new owner will have the opportunity to renovate the remaining balance of the beds (393) and generate an additional $75 per bed (or more) in additional income totaling $353,700 annually. Once completed, this will add appx 5.9M at a 6% cap rate. It should also be noted the renovated units sell substantially better than the standard units.
An additional Value-Add component relating to the utilities cost was performed by a third party and is located in the due diligence files. An estimated $58k in annual savings (~$1mm in value at a 6% cap rate) can be realized by implementing an estimated cost of $73K in water savings devices (i.e. new shower heads, aerators, toilet efficiency systems).
Carolina Creek has shown to be a fundamentally sound asset as it has remained over 90% occupied despite the university requiring online classes for the Fall semester. Moving forward, this asset should remain in strong demand due to the university announcing a mix of in-person and hybrid classes as well as the opening of residences halls with reduced occupancy. ECU is also suspending the Freshman/ First-Year Residency Requirement for many students for the spring 2021 semester giving them the opportunity to move to off-campus housing.
- * Brand New Stainless Steel Appliances
- * Brand New Hardwood Style Flooring
- * Brand New Kitchen Countertops
- * Brand New Espresso Cabinetry
- * Brand New Designer Furniture Package
- * Brand New Flat Screen TVs
- * Brand New Modern Fixtures
- Ultra Private Floor Plans – One bedroom on each floor means no sharing walls with roommates.
- Private Bedrooms and Bathrooms
- Fully Furnished
- Fully Equipped Kitchen
- Large Floor Plans with Vaulted Ceilings
- Walk-In Closets
- Private Patio
- In-Unit Washer and Dryer
- Free Cable
- Individual Leasing
- Roommate Matching Available
* Upgraded units
- Address: 2200 University Suites Drive Greenville, North Carolina
- Area: Greenville
- Number of Units: 171
- Year Built: 2004
- Acres: 18.73