Seahawk Cove
Student Housing at UNC Wilmington, NC | 72 beds with an addition of 72 beds with new development
Property
Seahawk Cove consists of 24 apartment rental units (72 beds) with an opportunity to build an additional 72 beds on the adjacent parcel. New buildings were included in the original site plan and utilities are already stubbed out.
The property is located just 1/4 mile from the campus entrance via a foot path at the back of the property. There is a local bus stop at the top of the Seahawk Cove driveway that stops on the campus and at the Historic District restaurants and bars, just 10 minutes away. Our capex budget includes a new bus stop shelter.
Strategy
Acquire the asset and raise rents to market levels, build additional beds on the adjacent parcel. Add new amenities including club house, grill stations & dog park.
Highlights
Student Housing at UNC Wilmington. 2018 construction with low maintenance costs
Wilmington is an emerging growth market on a trajectory akin to other Southeastern coastal markets which have recently attracted aggressive private and institutional capital
Between 2009-2020, UNCW led the UNC System with 39% enrollment growth
UNCW's 2021 fall enrollment was the highest ever in the school's 74-year history
Off-campus housing demand is accelerating as on-campus housing hits capacity.
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