JV Buys Student Housing Property in South Georgia
Valdosta, Ga.—Innovative Student Housing and Harrison Street Real Estate Capital have formed a joint venture to acquire College Station at Valdosta, a student housing property. The asset is less than a mile from Valdosta State University in Valdosta, Ga.
The new owners are changing the name of the property to the Gates at Valdosta, and plan to make some cosmetic changes to the exterior. The terms of the acquisition also provide the new owners an option to develop an additional 500-plus bed phase, which could be delivered as early as 2015.
Before the acquisition, Innovative assumed management of the property, thus becoming familiar with its operations. Among other amenities, the Gates at Valdosta will include a swimming pool, and offer satellite television and walk-in-closets to its residents.
Valdosta State University currently has an enrollment of about 12,000. Though the school offers seven residence halls and two apartment-style buildings on campus, most students (about three-quarters) live off-campus, thus spurring demand for nearby student housing. The city of Valdosta is in southern Georgia, near the border with Florida.
The acquisition marks Houston-based Innovative’s eighth student housing property, and its first in Georgia. The company has previous bought properties in Idaho, Texas, Ohio, Missouri and Utah. Chicago-based Harrison’s portfolio totals more than 230 properties nationwide.