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Balfour Beatty Communities Acquires 600-Bed Community Near University of North Carolina at Wilmington
[December 21, 2017]

Balfour Beatty Communities Acquires 600-Bed Community Near University of North Carolina at Wilmington

Balfour Beatty Communities, a national residential real estate investment and management company responsible for the ownership and operation of more than $6 billion in multifamily assets, expanded its student housing portfolio with the acquisition of Carolina Cove located in Wilmington, North Carolina. The 228-unit community features a mix of two- and three-bedroom floor plans and serves students enrolled at the University of North Carolina at Wilmington. Acquired as part of a joint venture with Apex One Investment Partners, the transaction marks Balfour Beatty's first in the off-campus student housing market.

Built in 2013, the community-which will be rebranded as Aspire 349-occupies more than 13 acres at 349 Campus Cove and offers 600 beds. In addition to its immediate proximity to UNC Wilmington, the well-positioned asset is situated near a vibrant mix of restaurants, shopping and entertainment options and provides easy access to downtown Wilmington.

The ten three-story buildings feature two- and three-bedroom units averaging just over 1,100 square feet. The apartments offer private bedrooms and bathrooms, fully equipped kitchen, in-unit washer and dryer, walk-in closes and covered porch along with a WIFI and cable TV package. Common area amenities include a resort style pool, state-of-the-art fitness center, outdoor grilling area, beach volleyball, basketball court, hammock garden and dog park. In addition, the clubhouse features a recently renovated business center, gaming lounge, tanning area and high-speed internet throughout.

"We are very pleased to continue our successful partnership with Apex (News - Alert) One and expand our student housing portfolio into North Carolina with our first acquisition in off-campus student housing," said Chris Williams, president of Balfour Beatty Communities. "This transaction is an exciting execution on our strategy to further invest in well-located properties with upside potential that can be realized through operational and capital improvements and a perfect complement to our existing portfolio of on-campus student housing. Our team looks forward to leveraging their more than 50 years of combined experience in off-campus student housing to reposition the property as Aspire 349 and deliver the exceptional living experience and market-leading performance that are hallmarks of our business."

Balfour Beatty Communities will self-perform property management services through its Campus Housing Division and will invest in a series of capital improvements at the property, including both interior and exterior upgrades.

About Balfour Beatty Communities

Balfour Beatty Communities, LLC is a diversified real estate services company delivering development, design, financing, construction, renovation, property and facilities management services in the multifamily, student and military housing sectors. A leader in the industry, Balfour Beatty Communities has more than 50,000 residential units and $6 billion in real estate assets under management and has developed or renovated more than 29,000 units with a total value of close to $4 billion. Headquartered outside Philadelphia, PA, Balfour Beatty Communities has more than 1,200 employees and is a subsidiary of Balfour Beatty Investments, Inc.

Balfour Beatty Investments is part of Balfour Beatty plc, a global leader in construction services, support services, and infrastructure investment.

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