August 8, 2016
Campus Advantage and Waypoint Residential teamed to buy the 288-bed First Street Place Apartments in Greenville, NC. The seller, Blue Vista Capital Partners of Chicago, walked away from the transaction with $17.2 million.
The property, at 400 W. 1st St., is situated on the banks of Greenville, NC’s Tar River, and serves students attending East Carolina University. The new owners plan a $1.3 million capital upgrade of the clubhouse, amenities, and unit interiors.
The transaction is Waypoint’s first student housing buy, though the Stamford, CT company is no stranger to multifamily investments. “Because we are new to the student housing industry, we have partnered with Campus Advantage to tap into its staff’s extensive expertise sourcing, evaluating and closing on student housing investments,” said Waypoint’s Jeremy Pemberton. Campus Advantage is based in Austin, TX.
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