10 Federal Sells Mountaineer Village Apartments In Boone North Carolina For $68.5 Million

The asset involved in the transaction is Mountaineer Village Apartments, located at 517 Yosef Drive in Boone, NC. This student housing community includes 191 units and is valued at $68.5 million, translating to a price per unit of $358,639. It was previously purchased for $32.5 million in 2014, showcasing significant appreciation in value.

Summary of transaction details:

• Property Type: Student Housing
• Transaction Amount: $68,500,000
• Units: 191
• Price Per Unit: $358,639
• Seller: 10 Federal
• Market: Boone, NC
• Gross IRR: 25.6%
• Management: Coastal Ridge

In this transaction, 10 Federal is the seller of the property, having achieved a significant return on investment through operational upgrades since its 2014 purchase. The property has also been generating strong returns, enhanced by shared amenities such as a pool and fitness center.