RALEIGH - STUDENT HOUSING A GOLD MINE
Raleigh, North Carolina. North Carolina State University, The University of North Carolina at Chapel Hill and Duke University are all within 25 miles of one another. There are a considerable number of other smaller universities within that area as well. That translates into a tremendous number of students, an ever increasing demand for student housing and lip licking investment possibilities for investors. Julian LeCraw & Co. of Atlanta just purchased the 262 unit 546 bedroom Ivy Chase student apartment complex in West Raleigh from Ram Realty Services of Palm Beach Gardens, Florida for $23.3 million. This represents 24% more than Ram Realty paid for the complex in 2001; a very nifty gain.
I have been talking about the “up, up, and away” buying binge of apartments in the Triangle for quite some time now. The beat goes on and gets ever stronger. During this year’s first quarter investors dug into their pockets and shelled out $212 million for Triangle apartment complexes. That is one-fifth of the record $1.1 billion spent on Triangle apartment complexes during all of 2006. Another sale, just last week, was the 319 unit Harrison Grande apartments in Cary. DRA investors came to the table with $29.9 million for it.
Dad, Mom you may not be able to buy an apartment complex but you can join with others in doing so. If that doesn’t appeal to you, you might want to give serious consideration to doing YOUR homework in whatever area, or areas, your college bound children are going to or may be getting ready to go to. Look into the purchase of an apartment, condo, small home for your student(s) for their four year (or more) stay. You should save money by doing so (especially if you do proper planning) and when they move on you should be able to sell the property of a tidy profit and pay for a good part of (if not all) of their tuition and expenses.
John Fish (919) 696-3474 Email: marvmax@mindspring.com Website: www.JohnFish.com
