Charleston Student-Housing Complex Sold to a Singapore Firm

Article by John McDermott

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.

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