XFD Real Estate Partners has teamed up with Ash Real Estate, Saxum Real Estate and Anchor Real Estate Capital to acquire The Landing, an 888-bed student housing community in Greenville, N.C.
The property is located near the East Carolina University campus and covers 21 acres.
Built in 2008, The Landing features two-, three- and four-bedroom units with bad-to-bath parity. Amenities include three swimming pools, a spa with sundeck, a 24-hour fitness center, volleyball and basketball courts, group study rooms, a computer lab and a dog park.
According to Samuel Mtunga, co-founder & chief operating officer at XFD Real Estate Partners, the joint venture will be deploying $2 million in capital improvements over the following 12 months.
XFD Real Estate Partners will be The Landing’s third owner and will manage the property in-house, through its own management platform.
A strong acquisition pipeline
The Landing marks XFD’s second acquisition in a series of planned acquisitions, increasing the company’s portfolio to more than $250 million of assets under management and more than 4,700 beds, according to Co-founder & President Doug Larson.
In the final quarter of last year, The Vecino Group selected XFD to manage two of its student housing properties—Muse and Muse-Omaha—located in Bowling Green, Ky., and in Omaha, Neb.
In August last year XFD bought Cottage Row in Statesboro, Ga., from Rialto Capital. The company paid $45.2 million for the 1,807-bed student housing community using a five-year, $32.7 million acquisition loan provided by Ameris Bank.
