XFD Real Estate Partners—in a joint venture with Ash Real Estate, Saxum Real Estate, and Anchor Real Estate Capital—has acquired The Landing, an off-campus student housing community in Greenville, North Carolina, for an undisclosed price.
Developed in 2008, The Landing is an 888-bed property, offering two-, three-, and four-bedroom units with bed-to-bath parity, near the East Carolina University campus. The gated community, spread over 21 acres, offers luxurious amenities, including three resort-style pools, a spa with a sun deck, a 24-hour fitness center, volleyball and basketball courts, group study rooms, a computer lab, and a dog park.
“This is an exciting addition to our portfolio. It comes with a lot of opportunities for us to enhance the living experience this community currently offers,” said Samuel Mtunga, co-founder and chief operating officer at XFD Real Estate Partners. “The pandemic has challenged operators and owners all over the country to come up with new and innovative offers for their communities that promote wellness and social interaction, while boosting resident retention. In many cases, that involves the reprogramming of amenity spaces, investment in technology infrastructure, and upgrading unit interiors.”
According to Mtunga, The Landing is a blank slate in that regard, and the firm will deploy $2 million in capital improvements over the next 12 months.
“The Landing is a strategic fit for us,” said Doug Larson, co-founder and president of XFD Real Estate Partners, adding that the acquisition increases its portfolio to more than $250 million of assets under management and more than 4,700 beds. “The company has nearly doubled in size within the last year with a strong acquisition pipeline.”
Founded in 2016, XFD Real Estate Partners is an Illinois-based real estate investment and property management firm specializing in the development, operation, and acquisition of off-campus student housing. The Landing is the second in a series of planned acquisitions. It will be managed in house by XFD’s property management platform.
