GREENVILLE, NC. The Scion Group, in partnership with private equity manager Virtus Real Estate Capital, has acquired a 1,056-bed student housing community serving East Carolina University. Currently known as Pirates’ Cove, the 55-acre property contains 264 apartments, all in 4-bedroom 4-bath configurations, along with two clubhouses and extensive amenities.
The property is located approximately two miles from East Carolina University and is served by a dedicated University-operated shuttle bus. Additionally, the community serves the fast-growing Pitt Community College. Scion will manage the property and plans a $2 million interior upgrade and rebranding program for 2013. The property was acquired from American Campus Communities and financed with Freddie Mac mortgage debt through Holliday Fenoglio Fowler LP.
Founded in 1907 as East Carolina Teachers Training School and eventually becoming East Carolina University in 1967, ECU today has the third-largest enrollment and is among the fastest growing schools in the University of North Carolina system, with over 27,000 students.
Virtus Real Estate Capital, based in Austin, Texas, has acquired over $1.6 billion in assets since its inception in 2003, targeting recession-resistant investment opportunities in medical office buildings, self-storage facilities, multifamily properties and, most recently, student housing through its specialty investment fund Virtus Student Housing LP.
Additional information about Pirates’ Cove is available at live-thecove.com.