Student Quarters Pays $181M for 350-Unit Student Housing Project
Student housing asset manager Student Quarters paid $181 million to acquire HERE Atlanta, a 350-unit, 29-story tower at Spring Street. CA Ventures was the developer/seller of the tower, which opened in 2021. The project is two blocks east of Georgia Tech.
The Atlanta Business Chronicle reports the acquisition was financed with a $105.5 million loan from American General Life Insurance Co. The maturity date is October 2028.
With the slowdown of transactions involving standard, market-rate multifamily communities, student housing is emerging as a bright spot in the multifamily sector. Rent growth in the student housing sector is anticipated to outpace multifamily in the Southeast: 11.7% for the 2023-2024 academic year, compared with 1.8%, according to a report from CBRE.
The post Student Quarters Pays $181M for 350-Unit Student Housing Project appeared first on Connect CRE.