RealtyMogul.com states it has successfully funded $1 million as part of a $37.5 million capital raise regarding the acquisition of a 3 property student housing portfolio. The sponsor was Student Quarters, the investment arm of St. Clair Holdings. The real estate crowdfunding portal offered investors the opportunity to invest as co-general partners in the deal alongside institutional investor, Harrison Street Real Estate Capital. The capital raised will be used to acquire, and renovate, the properties in Greensboro, North Carolina; the home of The University of North Carolina, Greensboro, and in Johnson City, Tennessee, at East Tennessee State University.
“We were thrilled with RealtyMogul.com’s team and the closing of our first deal together,” said Andy Feinour, president of Student Quarters. “They acted as a true partner, and were really there for us with flexibility and speed. We look forward to working with them again in the near future.”
The properties are described as having a total of 1,108 beds and are currently 95% leased. The sponsor will handle all aspects of the investment including purchasing the assets and driving revenues through an improved property management strategy and a comprehensive capital improvement expenditure plan. Peak Campus, a privately-owned U.S. student housing management company, will manage the portfolio investment.
“We are excited to partner with Student Quarters to offer our investors the first of potentially many investments in the student housing space,” stated Jilliene Helman, CEO of RealtyMogul.com. “Providing our investors the opportunity to participate in a deal of this caliber is something we are extremely proud of.”
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