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111 Cochran Road

Core Spaces Acquires Clemson Lofts Student Housing In $77M Sale
SOLDStudent Housing

Core Spaces Acquires Clemson Lofts Student Housing In $77M Sale

111 Cochran Road

$77,000,000

Building Size

Asset Type

Student Housing

Closing

Sep 18, 2023

AI

Core Spaces has acquired Clemson Lofts, a 641-bed student housing property located at 111 Cochran Road in Clemson, South Carolina. The property was sold for a total of $77 million by Realco Capital Partners and Arcapita Group Holdings.

Summary of transaction details:

The acquisition of Clemson Lofts by Core Spaces was facilitated by Walker & Dunlop, with brokers Ben Sarna, Chris Epp, Holden Penn, Matthew Chase, Sarah Foronda, Will Baker, William Shell, and Craig Miller playing a key role in the deal. This transaction highlights the continued growth and investment in student housing properties in Clemson, South Carolina.

Players

Craig Miller

Wilshire Advisory Group

Broker

$77M

vol

3 deals

Broker

Marc Lifshin

Core Spaces

Buyer

$82.2M

vol

3 deals

Buyer

Connellsville Student Housing Market Snapshot

Boundary boundary · Student Housing · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.21%

Cash-on-Cash

-0.06%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93