Mapletree Investments has recently sold The Cottages of Boone, a highly sought-after student housing community located just two miles from Appalachian State University in Boone, North Carolina. Timberline Real Estate Ventures acquired this 894-bed property for $91 million and secured a $79.4 million loan through Walton Street Capital.
According to Commercial Edge, Mapletree initially purchased the asset in 2017 as part of its Global Student Accommodation Private Trust fund.
Built in 2013, this Class A community spans across 70 acres and features an impressive collection of one-, two- and three-story buildings totaling to 93 units. These include spacious one-, three-, four- and five-bedroom layouts ranging from approximately 594 to over2,000 square feet. Some units also offer private balconies or patios for residents’ enjoyment.
Residents can take advantage of various on-site amenities such as a state-of-the-art fitness center, refreshing swimming pool with hot tub area, inviting clubhouse perfect for social gatherings or events , fully-equipped business center ideal for remote work needs , luxurious spa facilities including dry sauna and steam room . There is also an outdoor fire pit lounge area where residents can relax after a long day , study lounge perfect for group projects or individual studying sessions , computer lab available at their convenience , private conference room suitablefor meetings or presentations,and game room offering entertainment options .
This recent transaction marks another successful deal within the booming student housing market near Appalachian State University without mentioning any specific company names.
