CBRE Arranges Sale of Student Housing Community near Clemson University

CBRE announces the sale of The Villages at Town Creek, a 61-unit, 244-bed student housing townhome community serving Clemson University in Pendleton, S.C. An undisclosed buyer purchased the property from Georgia-based QR Capital.

Jaclyn Fitts, William Vonderfecht and Casey Schaefer with CBRE’s National Student Housing team and David Lansbury and Erika Maston with CBRE’s Southeast Multifamily Investment Sales team arranged the transaction on behalf of the seller.

“The Villages at Town Creek offered an attractive going-in yield for investors at one of the nation’s strongest Power 5 student housing markets,” said Schaefer. “Exhibiting a long history of stable performance, the property also provided a fully entitled development opportunity for additional units. The units are some of the largest and most unique townhome floorplans in the market, differentiating the asset from its competitive set. We were thrilled to help QR complete a successful round trip.”

Built in 2010, the property is just a short bus ride to Clemson University, and has averaged 97% occupancy since 2013. The Villages at Town Creek has a unit mix comprised of 3-, 4- and 5-bedroom townhome units. The units include high-quality features like faux wood or tile flooring in the living areas, hard-surface countertops, black or stainless-steel appliances, and custom cabinetry. Community amenities include a resort-style swimming pool, study lounge, coffee bar, fire pit, hammock garden, sand volleyball court, and a carwash station.