By Jesse Wood
Capstone Collegiate Communities, LLC, the Birmingham, Ala. – based developers of The Cottages of Boone recently sold the 60-acre student-housing development to Wallace Loft LLC for $60 million, according deeds filed with the Watauga County Register of Deeds.
Wallace Loft LLC formed in April. According to records filed with the N.C. Secretary of State, the registered agent on file is the Corporation Service Company with a local agent office at 327 Hillsborough St. in Raleigh, and the company’s principal address is 2029 Century Park East, Suite 400n in Los Angeles, Cal.
According to “Application for Certificate of Authority for Limited Liability Corporation” form filed with the N.C. Secretary of State, Mapletree Investments Pte Ltd. is the owner of Wallace Loft LLC.
The company is located in Mapletree Business City, Singapore and company officials listed in the paperwork include Chua Tiow Chye, Deputy Group CEO; Shirley Tay Bee Hong, director; and Wan Kwong Weng, Vice President.
Mapletree Investments Pte Ltd. has headquarters in Singapore and has offices across Asia-Pacific, the U.S. and Europe. It has nearly $40 billion of total assets under management, according to its company website:
“As at 31 March 2017, Mapletree owns and manages S$39.5 billion of office, retail, logistics, industrial, residential, corporate housing and serviced apartment, and student housing properties. Presently, Mapletree manages four Singapore-listed real estate investment trusts (REITs) and six private real estate funds, which hold a diverse portfolio of assets in Asia Pacific, the United Kingdom (UK) and the United States (US). The Group has also established an extensive network of offices in Singapore, Australia, China, Hong Kong SAR, India, Japan, Malaysia, South Korea, the UK, the US and Vietnam.”
According to a June 2 press release about a separate acquisition, the company also recently purchased nearly 4,000 beds within a number of student-housing properties in Minnesota, Colorado, Pennsylvania, Florida, South Carolina, Missouri and Canada:
Mr Hiew Yoon Khong, Group Chief Executive Officer of Mapletree said, “Since 2016, Mapletree has expanded into the student housing asset class on a global scale as it generates stable and consistent earnings. We have been able to grow our portfolio through a number of sizeable acquisitions in the United Kingdom (UK) and the US. The short time we have taken to achieve this scale demonstrates our Group’s capabilities and commitment, and we will continue to grow our current portfolio further globally. We are therefore certainly pleased to have partners such as Kayne Real Estate alongside us in our growth plans.”
Mr Al Rabil, Managing Partner and CEO of Kayne Real Estate said, “We continue to be excited about our relationship with Mapletree and are pleased to have completed another successful transaction with them. Mapletree has quickly established itself as an important player in the US student housing space and illustrates their focus on expanding strategically. We view all these as part of the beginning of a long and mutually beneficial partnership with them.”
Mr Hiew added, “Growing university enrolment rates continue to drive demand for student housing. This sector is still under-served and we see opportunities as there is a gap between enrolment and total supply of purpose-built student housing. We intend to scale up in this sector globally including in Australia and continental Europe, aside from the UK and the US.”
The Cottages opened in 2013.