Capstone Offering: The Flats at UNC Student Housing Development Site

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Capstone Land Sales is pleased to present the Flats at UNC: a student housing development opportunity located along Martin Luther King Jr. Boulevard, one of UNC-Chapel Hill’s most visible major transit corridors. This site provides a truly rare and highly coveted opportunity to develop within immediate proximity to campus, while also being just a short walk to the bars, restaurants, and retail of Rosemary and Franklin Streets.

The Flats at UNC site is within a quarter mile of the downtown area, providing the opportunity to rezone this infill site’s location to ideal maximum density designations offered by the Town of Chapel Hill. Multiple conversations with the Chapel Hill Planning Department have suggested their full support for a significant high-density multi-family development in this location. A luxury student housing asset with excellent walkability to campus will fulfill the huge pent-up demand for purpose-built student housing in this incredibly high barrier-to-entry market.

Recognized as the nation’s first public university, UNC-Chapel Hill has earned a reputation as one of the premier institutions for higher learning in the world. As a global higher education leader known for innovative teaching, research, and public service, the university continues to grow through investments that focus on upgrading and expanding current academic and student-centric buildings in order to attract the best and brightest students in the world. As enrollment growth continues (10.5% enrollment growth since 2010, from 16,664 to 18,421 undergraduates), a constrained supply of available purpose-built student housing exists; thereby, driving numerous incentives for a new developer to come in and steer a unique and visionary project.

The aforementioned factors, coupled with ownership capable of a flexible deal structure that could include a joint venture and/or land lease, make the acquisition of the Flats at UNC site an incredibly attractive development opportunity.

Investment Highlights

The Premier Chapel Hill Student Housing Development Site
Proven Market Fundamentals and Strong Market Rent Growth
Rezoning to High Density Multi-Family is Supported by Planning
UNC-Chapel Hill Growth Supported by a Constrained Supply and Significant Barriers to Entry

Investment Summary

Address:  607-617 MLK Jr. Blvd. and 121 Stinson St.
City/State/Zip:  Chapel Hill, NC 27514
Property Type:  Land Development and Student Housing
Acreage:  2.89
Potential Density:  550± Beds
Parking:  440± (0.8/bed)
Parcel IDs:  9788390351, 9788391558, 9788299778
Sales Terms:  All-Cash
Offering Price:  TBD by Market

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