1794 Poplar Grove Rd, Boone, NC 28607

Wilson Kibler is pleased to present the listing of Poplar Point, located at 1794 Poplar Grove in Boone, NC. The property provides investors with the opportunity to acquire a stabilized asset offering value-add upside.

Poplar Point is a three-story, garden-style student housing community near Appalachian State University, consisting of three 2-bedroom units and six 3-bedroom units (24 total beds) leased by the bedroom. The property features wood-frame, vinyl-siding exteriors, pitched roofs, covered stair towers with balconies, and ample surface parking.

With this highly accessible location and proximity to both campus and community amenities, 1794 Poplar Grove is ideally located to capture demand in one of the most durable student housing markets in the region.

Property Location

Poplar Point is ideally positioned in the NC-105/Poplar Grove corridor, less than two miles from Appalachian State University. The site offers quick access to campus, Downtown Boone, and daily-needs retail along NC-105 and King Street, keeping commutes short and convenient. Market rental demand in the immediate area is strong, with over 68% of households within a one-mile radius being renter-occupied.

Downtown Boone provides abundant nightlife, dining, and retail options, creating a dynamic atmosphere that appeals to both students and young professionals. In addition to the eclectic mix of local restaurants, breweries, and boutique shops downtown, residents benefit from close proximity to Boone Mall, which offers national retailers, grocery stores, and additional dining options, all within approximately a five-minute drive.

The Appalachian State University student housing market continues to demonstrate exceptional strength and resilience. From Fall 2020 through Fall 2024, the market maintained an average occupancy rate of over 99%, underscoring consistent demand and limited vacancy. Preleasing for Fall 2024 reached 99.1%, the highest level reported nationally, highlighting the appeal and stability of the Boone market.

Rental fundamentals remain equally compelling, with average market rents in Boone increasing nearly 19% since May 2023. This robust growth reflects both the sustained demand from Appalachian State’s student population and the limited availability of new supply. Boone’s geographic constraints and regulatory environment create high barriers to entry, resulting in a slow development pipeline and further bolstering demand for existing properties.

As a result, well-located student housing assets in Boone are uniquely positioned to benefit from strong operating performance, rent growth, and long-term value stability.