GE Real Estate, headquartered in Norwalk, CT, provided $30.5 million in financing for the acquisitions, which includes $400,000 for repairs, upgrades and new signage, says Lance Wright, Southwest regional director for GE Real Estate. The loan to value for the financing is 78%, meaning a total estimated cost for the two properties of nearly $38.6 million. The term of the loan is three years, with two one-year extensions, and a fixed interest rate of 5.5%, Wright tells GlobeSt.com. James Tramuto, SVP with CBRE | Melody Capital Markets, originated the loan on behalf of the new owner.

Both properties are off-campus student apartment communities. Sterling by the River is two miles from the University of South Carolina. The 173-unit apartment community, which has 184,960 rentable sf, was developed in 2007 and has 11 two- and three-story buildings on nearly 8.2 acres. The property has 88 two-bedroom units, 36 three-bedroom units and 48 four-bedroom units, Wright tells GlobeSt.com. The property also has 158 parking spaces. The occupancy rate is 98%, he says. Amenities include a shuttle to the university's campus, a computer lab, swimming pool, hot tub and fitness center. Sterling by the River is within walking distance of the Congaree Vista, a dining and entertainment district, Wright says.

Bishop Square is about two miles from Texas State University, Wright says. The property, which has 140,132 rentable sf, was developed in 2002 and has 13 two-story apartment buildings in addition to a leasing office and a clubhouse on a total of 10 acres. The complex has 33 one-bedroom units, 30 two-bedroom units and 74 three-bedroom units, he says. The property, which also has 361 parking spaces, is 90% leased, Wright says. Amenities include a business center, fitness center, media room and access to the Tram Bus System.