Student Housing Community Near University Of South Carolina Acquired
Pierce Education Properties (PEP) today announces the purchase of Pointe West (subsequently renamed Cayce Cove) - a premier off-campus student housing community serving University of South Carolina students – for $16.35 million. The acquisition was completed on July 1, 2014. Debt financing of $8,479,000 was provided by KeyBank.
Pointe West is a 480-bed, 144-unit community located west of the USC campus. This fully-furnished community features two and four bedroom units, modern appliances, leather furniture, private balconies/patios, as well as a private washer and dryer in each unit. Property amenities include a resort-style pool surrounded by a large sundeck and hot tub, state-of-the-art fitness center, internet café with coffee bar, sand volleyball court, basketball court, on-site hiking trails linking to regional riverfront pathways and picnic-style areas equipped with grills.
University of South Carolina competes in the NCAA FBS Southeastern Conference. The university’s academic programs are consistently ranked among the nation’s best and most affordable in national publications like U.S. News and World Report and Kiplinger’s. Recognized as a top research and service institution by the Carnegie Foundation, USC continues to gain the attention of the academic world, as well as popularity amongst future college students, as its annual enrollment continues to grow. USC’s total enrollment is 31,964 and has 6,114 beds on-campus.
“This is the fourth acquisition for PEP in the last 200 days totaling 2,700 beds during that period. We are very active buyers and are seeking to invest another $300 million in other acquisitions in the student housing sector over the next 24 months including core, core-plus and value-added opportunities,” PEP President and CEO Fred Pierce said.