Marcus & Millichap Brokers $20.9M Sale of Student Housing Portfolio Near Wake Forest University

WINSTOM-SALEM, N.C. — Marcus & Millichap has brokered the $20.9 million sale of Deacon Properties, a 64-home, 251-bed student housing portfolio located within walking distance of Wake Forest University in Winston-Salem. Nate McDaniel, Allen Smith and Ian Turnbull of Marcus & Millichap arranged the transaction on behalf of the seller, Deacon Rental Properties, and procured the buyer, Mission Bay Investments. The properties feature three- and four-bedroom units ranging from 1,800 to 2,100 square feet. The portfolio was 98 percent occupied at the time of sale.