Millennium One Offers Amenity-Rich, Purpose-Built Off-Campus Housing Within One Mile of the University of North Carolina-Charlotte.
The Michaels Organization, along with its joint venture partner Capital Solutions, is pleased to announce the acquisition of Millennium One, a well-positioned student housing asset located just one mile from the University of North Carolina – Charlotte (UNCC) in Charlotte, NC.
This acquisition marks the fourth joint investment between Capital Solutions Inc. and The Michaels Organization. The partnership remains focused on acquiring well-located student housing communities at meaningful discounts to replacement cost. By targeting assets with clear value propositions, the team is positioned to deliver strong returns that outperform the risk profile of the investment.
“We are delighted to grow our portfolio in Charlotte, North Carolina, with the acquisition of this amenity-rich student living community, which offers the University’s growing enrollment an off-campus housing option designed for the specific needs of their student population,” said Mick Flanagan, Michaels’ Chief Investment Officer.
Millennium One comprises 244 apartment units with 740 beds, in a low-rise community with a range of desirable amenities, including a resort-style pool, expansive fitness center, multiple study rooms, a computer lab, and a clubhouse. In addition to its close proximity to the University, Millennium One’s neighborhood boasts a mix of shopping, and recreational and entertainment venues.
As part of the acquisition, Michaels plans to undertake a series of targeted interior and exterior upgrades, designed to enhance the aesthetic appeal of the community.
The property, which going forward will be managed by Michaels, currently enjoys a 93 percent occupancy rate, and is actively leasing for the start of the next academic year.
Residents of Millennium One will be eligible to apply for scholarships offered through The Michaels Organization’s Education Foundation. This unique program is specifically designed for students who reside in on- or off-campus student living communities that are owned or managed by Michaels. Undergraduate, graduate, and doctoral students may apply, and recipients are eligible to receive grants up to $10,000.
