Fortress Investment Group has announced that affiliated funds have closed the acquisition of University Village, a 600-bed student housing community serving UNC Greensboro and NC A&T State University. This represents the second investment for Fortress Real Estate Exchange, a 1031 exchange platform offering institutional-quality real estate through Delaware statutory trusts.
University Village, built in 2007, contains 203 units spanning approximately 250,000 rentable square feet. Located adjacent to the UNC Greensboro campus, it maintains near 100 percent occupancy and serves both universities. UNC Greensboro increased enrollment more than 5 percent in two years while NC A&T grew enrollment annually for 10 consecutive years. No new student housing has been built in Greensboro, N.C., during the past decade.
CLS Living, a leading student housing manager, will continue operations.
Fortress Real Estate Exchange leverages the firm’s more than 20 years managi
