SPA Property

What SPA Property does

SPA Property (doing business as SPA Properties) is a privately held, founder-owned real estate rental business operating in Boone, North Carolina. Founded in 2008 by three graduates of Appalachian State University's College of Business, the company provides long-term off-campus rental housing to students of Appalachian State University and Caldwell Community College. Its primary asset is Stadium View, a fully renovated apartment community at 526 Stadium Dr, Boone, NC 28607, comprising 1 bed/1 bath and 2 bed/1 bath units ranging from 600-800 sq ft, with outdoor decks overlooking the App State Football stadium and amenities including on-site parking, on-site laundry, and water/sewer/trash pickup.

The product offering is a single physical asset rather than a software or technology platform; the company's technology footprint is limited to a website-based marketing presence and Matterport-powered 3D virtual tours for remote property viewing. Day-to-day operations — leasing, tenant communications, and property management — are executed by Advanced Realty Property Management, a separate firm operating from 2575 NC Hwy 105 - Suite 70, Boone, NC, under a core operations partnership.

The business model is direct-to-consumer monthly rental of student housing units, with recurring rent paid by individual tenants (plus tenant-shared utilities — electric, cable/internet, and heat — and one-time pet security deposits when applicable). Pricing and availability are not published; prospective tenants must contact the company by phone or web form. Customer acquisition is website-centric, supplemented by word-of-mouth referrals leveraging the founders' local alumni network. Geographic scope is intentionally narrow, limited to Boone, NC, with no disclosed expansion, institutional funding, or M&A activity.

Name

SPA Property

Legal name

SPA Properties

Website

https://spapropertygroup.com

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

1–10 employees

Short description

SPA Property is a privately held, founder-owned rental operator in Boone, NC, providing long-term off-campus student housing — primarily at its Stadium View apartment community — to Appalachian State University and Caldwell Community College students. Operations are managed by Advanced Realty Property Management under a core partnership.

Ownership category

akta.pro rank

Product category

Student Housing Rentals

NAICS

Rental and Leasing Services (532), Lessors of Real Estate (5311)

SIC

Hotels, Rooming Houses, Camps & Other Lodging Places (7000)

akta.pro industry

PRIMARYTHAMAGAA

University Dorms & Affiliated Summer Housing

Travel & Hospitality/Vacation Rentals & Short-Term Stays/Student & Intern Short-Term Housing

SECONDARYTHAMAGAC

Off-Campus Shared Student Houses (Room-by-Room)

Travel & Hospitality/Vacation Rentals & Short-Term Stays/Student & Intern Short-Term Housing

Keywords

• Student housing rentals
• Off-campus housing
• Long-term rentals
• Apartment leasing
• Residential property management

Headquarters

HQ city

Charlotte

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Long-term Residential Rentals: Monthly rental income from student housing units. Tenants pay rent plus share utilities including electric, cable/internet, and heat. Pet deposits charged as one-time security payments.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

SPA Properties owns and leases long-term off-campus rental apartments to college students in Boone, NC. The portfolio is anchored by Stadium View, a renovated apartment community at 526 Stadium Dr offering 1 bed/1 bath and 2 bed/1 bath units (600–800 sq ft) with modern amenities, outdoor decks overlooking the App State Football stadium, and included water/sewer/trash. Leasing and tenant operations are handled by Advanced Realty Property Management.

Product overview

SPA Properties is a single-property focused student housing provider offering long-term rental homes for off-campus students near Appalachian State University in Boone, NC. The company's portfolio consists primarily of the Stadium View property, which provides renovated 1 and 2-bedroom apartment units. The company operates through Advanced Realty Property Management for leasing and tenant services.

Differentiator

Problem solved

Functional benefit

Products and services

• Stadium View Apartments Newly renovated off-campus student apartments at 526 Stadium Dr, Boone, NC 28607, offering 1 bed/1 bath and 2 bed/1 bath units (600–800 sq ft) with outdoor decks overlooking the App State Football stadium, modern kitchens and bathrooms, on-site laundry, and ample parking. Targeted at ASU and Caldwell Community College students seeking furnished long-term rentals.
• Long-Term Student Rentals Long-term off-campus student rental homes in Boone, NC equipped with amenities for ASU and Caldwell Community College students. Tenants share utilities (electric, cable/internet, heat) and pay rent monthly; pet-friendly with one-time security deposit. Rates and availability are quoted upon inquiry.

Named customers2 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Advanced Realty Property ManagementcoreImplementation/ SI/ Consulting PartnerAdvanced Realty Property Management provides property management services for SPA Properties, handling leasing inquiries, tenant communications, and property operations from their Boone, NC office at 2575 NC Hwy 105 - Suite 70.

Scale indicators2 records

Recent moves4 records

Expansion highlights3 records

Regional players

• Blue Ridge Rentals: Local Boone, NC-area rental property manager serving the same App State and High Country tenant base as SPA. Direct competitor for off-campus student demand in Boone's micro-market.
• Appalachian Real Estate & Property Management: Boone-area real estate and property management firm listing off-campus rentals to ASU students. Competes head-to-head with SPA for the same hyper-local student-housing demand.

Broad incumbents

• Greystar Real Estate Partners: Largest U.S. multifamily and student housing operator with extensive off-campus portfolios near universities. Serves the same student-tenant segment but at scale and across geographies; represents the institutional competitor SPA would face if expanding.
• Asset Living: Large third-party property manager with a sizable student housing portfolio alongside traditional multifamily. Comparable to SPA's reliance on Advanced Realty for management, but at national scale.
• Balfour Beatty Campus Solutions: Developer and manager of student housing, including on-campus and off-campus communities. Comparable customer base and product type, with significant institutional capital behind it.

Direct peers

• Campus Apartments: National owner, developer, and manager of off-campus student housing near major U.S. universities. Directly comparable to SPA in serving the student rental segment with similar long-term lease structures, though at vastly larger scale.
• The Scion Group: Student housing developer and operator focused on off-campus apartments near flagship universities. Comparable business model—own/manage renovated apartments, market to students via campus proximity—just operating across many more markets than SPA.
• Landmark Properties: Developer, owner, and operator of purpose-built and off-campus student housing communities near U.S. universities. Same target customer (college students) and similar renovated, amenitized apartment product.
• Capstone Properties: Student housing acquisition and management firm focused on off-campus apartments near mid-major universities. Highly comparable to SPA's niche of smaller university markets with founder/local-operator orientation.

Emerging players

• Haven Campus Communities: Student housing investor/operator focused on off-campus communities near select universities. Comparable renovated-apartment product and student-tenant focus, though operating in different metros.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat2 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/SPApropertygroup
• LinkedInlinkedin.com/company/spaproperties

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SPA Property