CBRE Negotiates Sale of 894-Bed Student Housing Community Near Appalachian State University

by John Nelson

BOONE, N.C. — CBRE has negotiated the sale of The Cottages of Boone, an 894-bed student housing community located near the Appalachian State University campus in Boone.

Jaclyn Fitts, William Vonderfecht and Casey Schaefer of CBRE’s national student housing team, in partnership with Kevin Kempf of the company’s Southeast multifamily group, represented the seller, Mapletree Global Student Accommodation Private Trust, in the transaction. Timberline Real Estate Ventures and a real estate fund managed by Ares Management acquired the property for an undisclosed price.

The cottage-style community offers shared amenities including a fitness center, yoga studio, dry sauna, steam room, clubhouse, arcade games and sports tables, a bar, library, computer lounge, private conference room, swimming pool, hot tub, fire pit, grilling station and an outdoor fireplace.

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