Type and Size
The Boundary is a Class A student housing complex consisting of 44 beds in Clemson, SC. The property was acquired in 2017 by Calidus and is managed by Clemson Living. The Boundary is a premier, cottage-style student housing community less than one mile from Clemson’s downtown and campus. Each home at The Boundary boasts granite kitchen counter tops, key-less entry, spacious living, in-unit washer/dryer, front and back porch, and a wall-mounted Smart TV in the living room. All Boundary units have a four bedroom layout with attached bathrooms, and a common guest bathroom.
The Estate, Boundary and 109 are very attractive properties with cottage design product, a pool and a gym (at the Estate), and well received by residents. At acquisition, the portfolio was running at 100% occupancy, giving us indication of the demand for this type of product. New development of comparable properties was historically limited by land availability and very limited city sewer capacity providing a strong barrier to entry. Calidus saw the opportunity as a good, stable investment in an excellent growth market (5% annual increase in the student body). Our plan to grow cash flow and maximize value was a great success over 5 years.