BridgeInvest, a prominent Miami-based company, recently made headlines by extending a generous loan of $30 million to refinance The Rowan student housing complex situated near Williams-Brice Stadium in Columbia. This move has sparked significant interest in the real estate and investment sectors.
Investing in Student Living
BridgeInvest's decision to invest in The Rowan complex, boasting 1,002 beds spanning 350 units over 24 acres, is strategic. The complex caters to the needs of college students by offering townhome-style units, a chic clubhouse, a refreshing pool, and a convenient shuttle service to the University of South Carolina. This student-centric approach reflects a growing trend in real estate, acknowledging the increasing demand for modern and affordable living spaces among students.
Market Trends Driving Investment
BridgeInvest's substantial investment in The Rowan is underpinned by the promising growth trajectory of the student housing market. With college enrollments on the rise and students seeking contemporary living environments, the demand for well-equipped student housing remains strong. This forward-looking investment strategy aligns with the evolving needs of students and underscores the company's commitment to leveraging market trends.
Diverse Living Options
The Rowan complex stands out not only for its amenities but also for its diverse range of floor plans. Prospective tenants can choose from two, three, or four-bedroom units, each offering a unique living experience. The rent prices, ranging from $600 to $800 per room, ensure affordability without compromising on quality. This pricing structure caters to a broad spectrum of students, making The Rowan an attractive option for those seeking a comfortable yet budget-friendly living arrangement.
Striving for Financial Stability
Emres II South Carolina LLC, the entity that acquired The Rowan for $42 million in 2019 post-foreclosure, has made significant strides in renovating the complex. With a focus on enhancing the overall living experience for residents, the company aims to achieve financial stability by the 2025-26 or 2026-27 academic years. This long-term vision underscores their commitment to sustainability and growth in the student housing sector.
In conclusion, BridgeInvest's strategic investment in The Rowan complex signals a positive shift in the student housing market. By prioritizing student needs, accommodating market trends, and offering diverse living options, The Rowan sets a new standard for modern student living in Columbia. As the complex continues to evolve and expand its offerings, it paves the way for a dynamic and vibrant student community in the heart of South Carolina.