Ram Realty Services can thank those babies of baby boomers for $4.5 million.
The Palm Beach Gardens, Fla., company sold the Ivy Chase student apartment complex at 3351 Cum Laude Court in West Raleigh to a group led by Julian LeCraw & Co. of Atlanta for $23.3 million — 24 percent more than what Ram paid in 2001 for the 262-unit, 546-bedroom complex just southwest of N.C State University.
Student housing has attracted investors who feel protected by ever-growing student bodies, fueled by the children of baby boomers.
Nationally, the median price per student housing unit was $117,482 in the year ending March 31, up 26 percent from the previous year, while the price of all other kinds of apartment units dropped 7 percent to $89,641 per unit, Real Capital Analytics data shows.