132-164 Positive Way
Boone, NC 28607
Positive Way Apartments · Multifamily Property For Sale · 6 Units

RTP Capital Advisors is pleased to present the Positive Way Apartments, an 18-bedroom student-housing asset serving Appalachian State University and Caldwell Community College and Technical Institute in Boone, North Carolina. The subject property’s unique location with historic 100% occupancy and strong rent growth illustrate the strength of this asset in a tight rental market. Offering over 150 degree programs and employing over 1,200 faculty, Appalachian State University is the backbone of the bustling Boone market. The university enrolls over 19,000 students with on-campus housing capacity for only 5,600. The student population doubles the town’s population creating one of the strongest student housing markets in the Southeast. Also nearby is Caldwell Community College and Technical Institute, enrolling approximately 4,800 students annually. The subject property consists of three duplex-style buildings with six three-bedroom, two-bath units each with open floor plans and large kitchens. Allowing flexibility in financing structure and exit strategies, the buildings sit on three separate parcels. The units are in the process of being updated with vinyl plank flooring. Students living at the subject property have access to two AppalCART shuttle lines with a stop right across the street, providing direct access to nearby Appalachian State University and the downtown. Positive Way represents an opportunity to acquire an 18-bedroom, student-housing asset serving two of the county’s major educational institutions, Appalachian State University and Caldwell Community College and Technical Institute. The asset is an excellent choice for investors looking for a high-demand investment in a university town. We are pleased to offer this investment opportunity for $1,361,000 at a 6.00% cap rate.