TSB Realty closes sale of The Domain at Town Centre, student housing property near West Virginia University
PAOLI, PA — TSB Realty, LLC completed the sale of The Domain at Town Centre, a 336-unit, 912-bed student housing community located near West Virginia University in Morgantown. A joint venture between Greystar and The Carlyle Group purchased the property.
“The Domain at Town Centre provides residents with top-of-the-market amenities all within close proximity to a multitude of dining and shopping options,” said Randall L. Calvert, who handled the deal for TSB Realty. “This, alongside Greystar’s excellent management platform, will provide continued performance growth at the property for years to come.”
Greystar is a leading, fully integrated rental housing company offering expertise in investment management, development and property management of rental housing properties globally. Headquartered in Charleston, South Carolina, with offices throughout the U.S., Europe, Latin America and Asia-Pacific, Greystar manages capital on behalf of a global network of institutional investors with over $26 billion in gross assets under management including more than $9.7 billion of developments that have been completed or are underway. Greystar is also the largest operator of apartments in the U.S., managing over 435,000 units with an aggregate estimated value of approximately $80 billion. The Carlyle Group is a global alternative asset manager with $210 billion of assets under management. In residential real estate, it has invested in a total of 105,000 housing units, including 71,000 multifamily apartment units and more than 34,000 senior living, student housing, manufactured housing, and for-sale residential units.
Built in 2012, The Domain is strategically located adjacent to University Town Centre and its 1 million square feet of national retail tenants and less than a mile from the West Virginia University campus. Community amenities feature the largest resort-style pool in the Morgantown market, outdoor grilling stations, arcade games, outdoor fire pit, bicycle parking, hammock lounge, pool table, computer lounge, 24-hour fitness center, huge clubhouse, sand volleyball court, lighted basketball court, horseshoe pits, private study rooms, Starbucks coffee bar and stand-up tanning booths. The property offers a mixture of one-, two-, three-, and four-bedroom units, with amenities including custom furniture packages, spacious open floorplans, washer/dryer in all units, private bathrooms for all bedrooms, flat screen TVs in every living room, microwaves, granite countertops, walk-in closets, and much more.
TSB Realty is a full-service, national investment sales firm specializing in the valuation and disposition of student housing communities and conventional multifamily communities. In the last two years, the Paoli, Pennsylvania-based firm has closed more than $2 billion in student housing sales comprising over 9,000 units and 24,000 beds.