Raleigh student housing complex sells for $40.6 million

The Retreat at Raleigh, a student housing community that opened earlier this year in West Raleigh, has been sold for $40.6 million, according to Wake County property records.

Inland American Communities, a subsidiary of the Inland American Real Estate Trust, acquired the property from Landmark Properties, the Athens, Ga.-based company that developed the property.

The Retreat at Raleigh is about two miles west of N.C. State University’s campus. The development includes 149 cottages and 554 bedrooms.

It was one of three new luxury student housing projects with 1,770 new off-campus bedrooms that opened late this summer near N.C. State.

Inland American Communities is one of six real estate investment trusts sponsored by affiliates of the Inland Real Estate Group of Companies. Last year, an Inland affiliate paid $95 million for the White Oak Crossing shopping center at U.S. 70 and Interstate 40 in Garner.