by admin

GREENVILLE, N.C. — Pierce Education Properties, through a joint venture with an affiliate of Core Properties, has completed its $56.5 million acquisition of North Campus Crossing (Phase I and Phase II), a 1,692-bed community serving Eastern Carolina University (ECU) students. The off-campus community was developed in 2005 and 2006. The property is contiguous to ECU'S North Campus Recreation Center, which features a man-made lake and beach, a zip line, intramural fields and a golf course. The buyers plan to invest nearly $1 million in improvements to the community, including a campus shuttle to Pitt Community College. A $26.8 million loan held by Midland Loan Services was assumed for the Phase I purchase and a Freddie Mac loan of $19.8 million was secured through HFF to finance the Phase II acquisition.

You may also like