$58M Earmarked for GSU Student Housing
SunTrust Commercial Real Estate and a South City Partners affiliate have closed a loan to finance the $90 million, 26-story development.
By Keith Loria
A South City Partners affiliate has secured a $58.3 million loan with SunTrust Banks Inc. to develop 120 Piedmont, a $90-million, 26-story student housing project near the Georgia State University campus.
“120 Piedmont will offer an exceptional student housing option in the immediate vicinity of existing GSU dormitories,” Will Casaday, South City Partners’ vice president of development, told MHN. “The development is an easy walk to the center of campus and offers upscale amenities. The property is professionally managed and features the latest building access control technology. This is an ideal housing choice for students who want to make the most of their collegiate experience while also enjoying the best that Atlanta has to offer.”
Located at 120 Piedmont Ave. NE, when finished, the 467,125-square-foot tower will be home to 685 students and include 8,200 square feet of retail space.
“GSU has a documented shortage of student housing,” Mark Hancock, SunTrust Commercial Real Estate’s senior vice president, told MHN. “The development is also in a major market, Atlanta. These factors made it a very compelling opportunity for SunTrust Commercial Real Estate, which already had a strong working relationship with South City Partners.”
Inside
The property will boast a mixture of floor plans, including one-, two-, three- and four-bedroom units. All bedrooms will feature private bathrooms.
Amenities at the property will include an expansive pool deck featuring outdoor lounge areas and grilling stations, a pool-side club room equipped with kitchen and entertainment options, a fully-equipped fitness center with separate spin/yoga room, a rooftop study room/lounge with outdoor terrace and secure bike storage.
The tower will be across the street from most of GSU’s existing student housing, as well as a 24-hour GSU-owned dining hall.
“We believe that this project will serve as an extension of their existing campus, and will allow students to seamlessly integrate into both the campus and amenities in the surrounding area,” Casaday said. “There is already more demand than supply for student housing at GSU. We believe that 120 Piedmont is part of the solution to this challenge and that it will be an attractive option for many students, especially juniors, seniors and graduate students who might otherwise look beyond the campus for housing.”
Construction for 120 Piedmont will begin soon with an anticipated completion date of August 2019.
This marks SunTrust Commercial Real Estate’s second project with South City Partners after a successful teaming on Square on Fifth at Georgia Tech.
