Appalachian State Student Housing Trades for $91M

Mapletree Investments has sold The Cottages of Boone, an 894-bed student housing community two miles from Appalachian State, in Boone, N.C. Timberline Real Estate Ventures acquired the asset for $91 million and took out a $79.4 million loan originated by Walton Street Capital.

Commercial Edge reports Mapletree had acquired the asset in 2017 through its Global Student Accommodation Private Trust fund.

Completed in 2013, the Class A community features 93 one-, two- and three-story buildings spread across 70 acres. The unit mix consists of one-, three-, four- and five-bedroom layouts, ranging from 594 to 2,054 square feet. Select floorplans also include private balconies or patios.

Common-area amenities include a fitness center, swimming pool, hot tub, clubhouse, business center and spa. The property also has a dry sauna and steam room, outdoor fire pit lounge, study lounge, computer lab, private conference room, and game room.