Progress Student Living Sells Two Student Housing Communities in North Carolina and Georgia

by Scott Reid

Statesboro, Ga. and Wilmington, N.C. — Phillips Acquisitions is the buyer of both properties.

Progress Student Living has sold two luxury student housing communities that it developed recently in North Carolina and Georgia. Sold in portfolio transaction were Progress910, a 168-unit rental community with 528 bedroom/bathroom suites near the University of North Carolina Wilmington (UNCW) in Wilmington, North Carolina; and Monarch301, a 180-unit rental community with 546 bedroom/bathroom suites near Georgia Southern University in Statesboro, Georgia. Progress 910 was completed in August 2014, while Monarch301 was finished in August 2013. Each property is currently 97 percent leased. The transaction was brokered by Ryan Reid and Ryan Lang of CB Richard Ellis’s National Student Housing Group in Dallas. According to media reports, Santa Barbara, California-based Phillips Acquistions was the buyer. The transaction price was not disclosed.

Progress910 consists of three four-story residential buildings located on a 16-acre site at 316 Marlboro St. in Wilmington, approximately one mile west to the main entrance of the UNCW campus. It is the only off-campus student-housing community in Wilmington with four-bedroom apartment suites. Apartments are also available in two- and three-bedroom-suite floor plans. Among the property’s amenities are an outdoor, resort-style pool with poolside cabanas; a 24-hour, state-of-the art fitness center; an activity room with a fireplace, lounge areas, and billiards and ping-pong tables; and a cybercafé and study lounge. Units are fully furnished and include 40-inch, flat-screen televisions; high-speed Internet connections; walk-in closets; full-size washers and dryers; sound-insulated walls; and private patios or balconies.

Monarch301 is located on a 10-acre site at 816 S. Main St. in Statesboro, abutting the Georgia Southern campus. It consists of four interconnected four-story buildings with fully furnished apartments available in one-, two- and four-bedroom-suite floor plans that feature 40-inch, flat-screen televisions; high-speed Internet connections; private patios or balconies; and full-size washers and dryers. Property amenities include an outdoor, resort-style pool with poolside cabanas; a lighted sand volleyball court; a sunken fire pit with circular seating; outdoor hammock gardens; a clubhouse with a coffee lounge and game rooms; barbecue grilling areas with picnic seating; and a 24-hour fitness center with a private exercise room. 

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