PEP ACQUIRES STUDENT HOUSING COMMUNITY NEAR UNIVERSITY OF SOUTH CAROLINA

COLUMBIA, S.C. — Pierce Education Properties (PEP) has purchased Pointe West, an off-campus student housing community that serves University of South Carolina (USC) students, for $16.4 million. Pointe West is a 480-bed, 144-unit community west of the USC campus. The fully furnished community features two- and four-bedroom units, modern appliances, leather furniture, private balconies/patios, as well as a private washer and dryer in each unit. Property amenities include a resort-style pool surrounded by a large sundeck and hot tub, fitness center, internet café with coffee bar, sand volleyball court, basketball court, on-site hiking trails linking to regional riverfront pathways and picnic-style areas equipped with grills. PEP plans to invest another $300 million in other acquisitions in the student housing sector over the next 24 months. KeyBank provided $8.5 million in acquisition financing for the transaction.