Student Housing Daily - August 29 - North Carolina complex sold for $68.5M

Franklin Street arranges $30M sale. UH Manoa opens $170M complex. Core Spaces and Capstone plan major student housing project in Atlanta. Trends reshaping off-campus student living. Four new student housing deals.

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Aid Sopjani & Matt H
August 29, 2025

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NEWS ROUNDUP

DISPOSITION: North Carolina complex sold for $68.5 million. Mountaineer Village Apartments, a 573-bed student housing community serving Appalachian State University in Boone, N.C., has been sold to 10 Federal for $68.5 million ($119,546/bed). The former owners purchased the property for $32.5 million nearly a decade ago, more than doubling their investment.

DISPOSITION: Franklin Street arranges $30 million sale. Franklin Street has arranged the $30 million sale of The Villas at Happy Valley, a 435-bed student housing community near Penn State University in State College. Keystone Real Estate Group sold the 145-unit property to Reliant Group Management. Developed in 2013, the community offers three-bedroom layouts and was 93% leased at the time of sale.

DEVELOPMENT: UH Manoa opens $170 million complex. The University of Hawaiʻi at Mānoa has opened Hale Haukani, a $170 million student housing project developed through a public-private partnership. The facility, blessed on August 18, was celebrated by UH President Wendy Hensel, Gov. Josh Green, Lt. Gov. Sylvia Luke, and other officials. Hale Haukani features two towers of 18 and 12 stories with 316 units and 558 beds, along with a childcare center, retail space, study rooms, and outdoor amenity decks.

DEVELOPMENT: Core Spaces and Capstone plan major student housing project in Atlanta. Core Spaces, in partnership with Capstone Communities, has announced a master-planned mixed-use development near Georgia Tech in Midtown Atlanta. The multi-phase project will redevelop one of the last major undeveloped sites in the area into student housing. Phase 1, led by Core and designed by Dwell Design Studio, will deliver 1,600 beds, 5,000 square feet of ground-floor retail, and a third-floor amenity deck, with completion expected in 2029. Capstone will lead Phase 2 of the development.

STUDENT HOUSING FOR SALE

Click each image for more information:

TCU Student Housing Portfolio | 3225 McCart Ave, Fort Worth, TX 76110

3 Units | Class A | 100% Occupied | NOI: $421,456 | Asking Price: $5,771,000

The INNternationale at The University of Delaware | 153 Courtney St, Newark, DE 19711

122 Beds | Cap Rate: 7.96% | NOI: $652,664 | Asking Price: $8,200,000 | Price Per Unit: $105,128

Red Cedar Flats | 4970-5030 Northwind Dr, East Lansing, MI 48823

436 Beds | 190 Units | Rents Trail Nearby Competitors 10% - 25% | Prime Location

Parc View at Commonwealth | 321 W Grace St, Richmond, VA 23220

Fully Stabilized For the ‘25-’26 AY | 100% Pre-Leased | 100% Bed-to-Bath Parity

ONE MORE THING

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