Real Estate Investment and Property Management Firm Plans for $2M Improvement Project
GREENVILLE, NC. (May 20, 2021) – XFD Real Estate Partners, along with its joint-venture partners Ash Real Estate, Saxum Real Estate and Anchor Real Estate Capital, has acquired The Landing, a student housing community in N.C. for an undisclosed price. The Landing is an 888-bed property located near East Carolina University campus in Greenville and offers two-, three- and four-bedroom units with bed-to-bath parity.
The spacious, gated community is spread over 21.01 acres and offers students luxurious amenities, including three resort-style swimming pools, spa with sun deck, 24-hour fitness center, volleyball and basketball courts, group study rooms, computer lab, a dog park and more.
“This is an exciting addition to our portfolio. It comes with a lot of opportunities for us to enhance the living experience this community currently offers” said Samuel Mtunga, Co-founder and Chief Operating Officer at XFD Real Estate Partners. “The pandemic has challenged operators and owners all over the country to come up with new and innovative offerings for their communities that promote wellness and social interaction, while boosting resident retention. In many cases, that involves the reprogramming of amenity spaces, investment in technology infrastructure, and upgrading unit interiors. The Landing is a blank slate in that regard, as we will be deploying $2 million in capital improvements over the course of the next 12 months.”
“The Landing is a strategic fit for us,” adds Doug Larson, Co-founder and President of XFD Real Estate Partners. “This acquisition increases XFD’s portfolio to more than $250 million of assets under management and more than 4,700 beds. The company has nearly doubled in size within the last year with a strong acquisition pipeline.”
The Landing is the second acquisition in a series of planned acquisitions for XFD.
“The Landing is a solid cash flowing asset at a growing school with an opportunity to create value via operations and capital infusion,” adds Greg Bronson, Principal at Ash Real Estate. “Our group remains disciplined in our approach as we identify unique investment opportunities and maintain the ability to execute on transactions of various sizes and profiles in today’s environment.”
The Landing will be managed in-house by XFD’s property management platform. They will be the third owner of The Landing, which was developed in 2008.
Arbor Realty Trust (NYSE:ABR) provided debt financing. Daniel Lin, XFD’s CFO notes “Arbor Realty Trust adds to our institutional lender partners and look forward to expanding this important relationship.”