• Acquisition of two student housing properties, totaling 569-beds, catering to students at UNC Charlotte.

• Properties were 97.8% occupied at the time of closing and fully pre-leased for the following school year. The sponsor group planned to undertake light renovations to increase rents and lower expenses through economis of scale.

• One of the fastest growing MSAs with robust employment drivers. Additionally, UNC Charlotte had experienced positive enrollment growth over the past 10 years.

• Sponsor group familiar with Charlotte owning a number of assets in the market.