The Colliers International Student Housing Group has closed the sale of the Crest at Elon apartment community for $4 million.
The apartment community caters to the students of Elon University, a private liberal arts school, and is 100 percent occupied. The university is master leasing the 50,400-square-foot student housing facility.
Steven Peden, Senior Vice President for Colliers International | Raleigh-Durham, in conjunction with Sean Baird, Associate of the Colliers International Student Housing Group, represented the seller, The Preiss Company.
A California-based private investment group purchased the student housing facility. The buyer elected to keep Priess as the management company for the property, in order to maintain a strong relationship with the university.
“By keeping the current management in place, the buyer maintained a relationship with the
university to continue the master lease and eliminate lease-up risk,” said Baird. “Tier two and
three universities are seeing greater interest in the marketplace as strong yields and cash flows
can be found with minimal competition from established student housing operators.”
The 42-unit, 168-bed student housing facility is located at 756 E Haggard Ave. on the Elon