CBRE Arranges Sale of 348-Bed Pedestrian Student Housing Community at UNC Wilmington

Wilmington, N.C. – Feb. 24, 2020 – CBRE announces the sale of Lighthouse, a 348-bed, 124-unit pedestrian, luxury student housing community in Wilmington, North Carolina. Chicago-based OC Ventures purchased the asset from California-based Coastal Ridge Real Estate for an undisclosed price.

CBRE’s National Student Housing team’s Jaclyn Fitts, William Vonderfecht and Casey Schaefer along with Kevin Kempf on CBRE’s Southeast Multifamily team arranged the transaction on behalf of Coastal Ridge Real Estate. CBRE also represented Coastal Ridge Real Estate when they acquired the asset in 2016.

Located less than two blocks from UNC Wilmington off the intersection of South College Road and Randall Parkway, Lighthouse offers residents the convenience of walking to campus and nearby retail.

“As the only asset in the market offering a walk-to-class location and Class A finishes, Lighthouse was a phenomenal investment opportunity for OC Ventures. The property has achieved strong performance serving a university that grew enrollment 34% over the last decade and is projected to grow by an additional 1,500 students by 2021,” said Mr. Vonderfecht, Senior Vice President at CBRE.

Built in 2014, the student housing complex is located adjacent to University of North Carolina, Wilmington.The property boasts a classic coastal exterior design with top-of-the line amenities, including a clubhouse with a game room, fitness center, study center, and a theater room. Exterior amenities include a large swimming pool with a hot tub, two sand volleyball courts, an outdoor kitchen with grilling stations, a hammock garden and a firepit. Each unit offers Class A finishes, including stainless steel appliances, modern furniture, dark wood cabinets and faux wood flooring in common areas.