Chicago, Ill.-based Redwood Capital Group has purchased two student housing complexes near Clemson University with plans to convert them to multifamily units.
Colliers International brokered the sale of Summit at Cross Creek, a 128-unit, 300-bed student housing complex, and Cross Creek, a 122-unit, 314-bed student housing complex, according to a news release. Both are located at 100 Cross Creek Court in Central. Details of the purchase were not provided.
Sean Baird, a director with Colliers International’s Tampa-based Student Housing Group, worked with senior vice president/principal Will Mathews, associate Ryan Griffith and associate Max Kemether with Colliers International’s Atlanta-based Multifamily Advisory Group to facilitate the transaction, the release said.
“The Clemson market is very strong from both a multifamily and student housing perspective,” Baird said, in the release. “As student housing has evolved, these communities became a better fit for multifamily and were in need of capital to convert and stabilize them.”