Funds managed by affiliates of Fortress Investment Group have acquired University Village, a 600-bed student housing community in Greensboro, N.C., for the Fortress Real Estate Exchange platform.
The acquisition marks the second investment for Fortress Real Estate Exchange, a 1031 exchange platform that provides financial advisers and their clients with access to institutional real estate investments through Delaware statutory trusts.
Built in 2007, University Village comprises 203 units and nearly 250,000 rentable square feet. The property is located one block from the University of North Carolina at Greensboro campus and also serves students attending North Carolina A&T State University. University Village has maintained occupancy of nearly 100 percent during the past four academic years.
UNC Greensboro enrollment has increased by more than 5 percent during the past two years, while North Carolina A&T enrollment has increased each of the past 10 years.
