OC Ventures Pays $23M for NC Student Housing

The company bought the 168-unit property from Waypoint Residential, which acquired the asset in 2017, in a portfolio transaction.
Spring Place. Image courtesy of Yardi Matrix
Spring Place. Image courtesy of Yardi Matrix

OC Ventures has acquired Spring Place, a 168-unit student housing community in Greensboro, N.C. Berkadia’s Student Housing Kevin Larimer and Greg Gonzalez were part of the team that secured the sale on behalf of Waypoint Residential, which purchased the asset in 2017, in a $102 million portfolio deal. According to Yardi Matrix data, OC bought the asset for $23.2 million, or $137,797 per unit. Burkely Communities manages the property.

Located at 3610 Clifton Road, Spring Place serves students attending UNC Greensboro and North Carolina A&T State University. The 576-bed property features a mix of two- and four-bedroom units ranging from 766 to 1,454 square feet.

Built in 2009, the 13 three-story buildings sit on approximately 12 acres and include common-area amenities such as a basketball court, clubhouse, 24-hour fitness center, study room, business center, volleyball court, swimming pool, TV lounge and shuttle service to the universities.

“OC Ventures continues to add scale in the Greensboro market and grow their national presence in student housing. Waypoint is able to show investors the value creation at Spring Place and continue to grow in the sector through acquisitions and management capabilities with the Waypoint Student Living platform,” Greg Gonzalez, Berkadia’s director of student housing, said in a prepared statement.