Chicago, IL – in Q2 2022, a joint venture between Pearlmark and Timberline Real Estate Ventures (“Timberline”) closed on the acquisition of a 157-unit, 389-bed student housing asset (the “Property”) in Greensboro, North Carolina.
Timberline has owned and managed student housing assets in Greensboro over the last ten years. Since acquisition, Timberline has managed the Property with its student housing affiliate B.Hom Student Living. This is the second transaction that Pearlmark has closed with Timberline in the last twelve months, the first being the acquisition of a Wilmington, North Carolina student housing and conventional multifamily asset in October 2021.
“We are excited to continue partnering with best-in-class operator Timberline for the acquisition of Spartan Crossing and to expand our presence in the Carolinas region, as well as adding to our growing student housing portfolio,” said Stephen Quazzo, CEO for Pearlmark.
“The acquisition of Spartan Crossing represents an attractive opportunity to improve a well-located asset and provide amenitized housing to students of UNC-Greensboro and North Carolina A&T State University,” said Keith Page, Managing Director and lead executive on the transaction for Pearlmark.
”The Pearlmark and Timberline teams have enjoyed a synergy from acquisition through to operations that made Spartan Crossing a natural addition to our partnership. We look forward to our expanding relationship”, added Andrew Stark, Principal and founding member of Timberline.
“We have recognized the strength in the Carolina markets since 2012 and continue to look to expand in Greensboro and the surrounding areas as we recognize the dedication of North Carolina to higher education,” said Nathaniel Fowler, Principal and founding member of Timberline.
Pearlmark is a Chicago-based investment firm that targets domestic core to value-add real estate opportunities via commingled funds, separate accounts, and joint venture structures. Since 1996, Pearlmark has sponsored more than a dozen real estate equity and debt investment programs and completed 565 real estate equity and debt transactions on behalf of investors, representing $5.3 billion in equity capital commitments and $13.8 billion in gross investment value. Pearlmark is dedicated to creating value for its investors and offers a range of investment opportunities across various property types (office, industrial, multifamily) in both local and national markets. For more information, please visit https://www.pearlmark.com.
TIMBERLINE REAL ESTATE VENTURES
Timberline Real Estate Ventures is a fully integrated, operationally focused real estate operator and investment manager focused in the residential sector having acquired more than $3.0 billion of total investments since its inception in 2012. TREV specializes in the development, acquisition, and operation of student housing, multifamily, and mixed-use retail/residential communities through a combination of individual, portfolio, and corporate equity and debt transactions.
For more information, please visit https://www.timberlinerev.com/.