Demand among real estate investors for student apartments in downtown Charleston has fueled the sale of another property geared toward the college crowd.
The high-profile and high-end 930 NoMo rental complex on Morrison Drive was acquired by a Singapore-based company, the buyer announced this week.
Mapletree Investments Pte Ltd. said it acquired the upper peninsula apartment building and seven others with a combined 3,751 beds near college campuses around the U.S. and in Canada for about $1.6 billion.
The seller was Kayne Anderson Real Estate Advisors.
The acquired properties are all 90 percent or more leased.
“Since 2016, Mapletree has expanded into the student-housing asset class on a global scale as it generates stable and consistent earnings," CEO Hiew Yoon Khong said in a written statement.
He added that increasing enrollment rates continue to push up demand for privately owned student housing and that the "sector is still underserved."
The sale price for the Morrison Drive property was not immediately available. The deed had not been recorded with Charleston County as of Tuesday.
Boca Raton, Fla.-based Kayne Anderson was part of a joint venture that completed 930 NoMo along one of the Ravenel Bridge off-ramps in 2015. Its partners were CampusWorks Development and Kaplan Residential.
The property has 430 beds and cost $35 million to build. Monthly rents range from $930 to $1,030 per resident.
Investors started to take an interest in Charleston's student housing stock in 2014, when a joint venture led by Chicago's Harrison Real Estate Capital paid $69 million for the 419-bed Campus Center at 50 George St.
This year, the 42-unit 400 Meeting Street Apartments changed hands for $22.175 million, or $4 million more than what the seller paid three years ago. Now called My House On Meeting, the new owners have filed plans to add six residential rental units next door.