MRA Brokers $26.6 Million Sale at UNC-Wilmington

by Katie Sloan

Wilmington, N.C. American Campus sells the two properties.

Campus Walk.Wilmington, N.C. — American Campus Communities has sold two properties near the University of North Carolina, Wilmington, to an affiliate of Gross + Cohen Real Estate Investors for approximately $26.6 million. Richard Cotton, managing director of Multifamily Realty Advisors (MRA) represented ACC in the transaction.

Campus Walk and Brookstone Village Apartments were built in 1991 and 1994 and are two blocks from the UNC-W campus. Together, they contain a combination of 413 garden-style and townhome apartment units offering both private and by-the-bed accommodations. Community amenities include a clubhouse at each property, outdoor swimming pools, fitness center, basketball court, sand volleyball court, horseshoe pits and picnic area with grills.

UNC-W is part of the 17-campus University of North Carolina System. Total enrollment for academic year 2012-13 is estimated at 13,340. UNC-W receives more than 14,500 applications for the 3,250 first-year and transfer spaces available each fall. On-campus student housing at UNCW has the capacity to house 4,190 students and is fully occupied, leaving 9,150 students searching for off-campus accommodations, according to MRA.

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