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

STATESBORO, GA. AND WILMINGTON, N.C. — Progress Student Living has sold two luxury student housing communities that it developed recently in North Carolina and Georgia. Sold in the portfolio transaction were Progress910, a 168-unit rental community with 528 bedroom/bathroom suites near the University of North Carolina Wilmington (UNCW) in Wilmington, and Monarch301, a 180-unit rental community with 546 bedroom/bathroom suites near Georgia Southern University in Statesboro. Progress 910 was completed in August 2014, while Monarch301 was finished in August 2013. Each property is currently 97 percent occupied. Ryan Reid and Ryan Lang of CBRE’s national student housing group in Dallas brokered the two transactions. According to media reports, Santa Barbara, Calif.-based Phillips Acquisitions was the buyer. The transaction price was not disclosed.