Alden Street JV Sells Georgia Student Community

For the current academic year, the property is 98 percent leased.

A joint venture between Alden Street Capital and Invesco Real Estate has sold Bixby Kennesaw, a 179-unit, 656-bed community serving the Kennesaw State University in Kennesaw, Ga.

Kennesaw State University Foundation purchased the asset for $99 million, according to public records, taking out a $100 million acquisition loan from Fifth Third Bank, due this December. TSB Realty Advisors arranged the sale and secured the acquisition financing on behalf of the buyer, Student Housing Business reports.

The property is 98 percent leased for the current academic year. The asset previously traded in September 2021, when Gilbane Development Co. sold it for $63.7 million, according to Yardi Matrix information. The joint venture took out a $53 million loan from Landesbank Hessen-Thüringen for the acquisition.


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Located at 3061 George Busbee Parkway NW, the community is within walking distance of Kennesaw State University and adjacent to Fifth Third Stadium. Cobb County International Airport is 3 miles away, while downtown Kennesaw is within 4 miles.

Completed in 2020, the four- and five-story building consists of studio, one-, two-, four- and five-bedroom floorplans, ranging from 440 to 1,875 square feet, as well as 17,000 square feet of retail space. Apartments are fully furnished, with select layouts also including private balconies or patios.

Common-area amenities at the almost 4-acre property comprise a fitness center, swimming pool, clubhouse, business center, courtyard, 24/7 study areas and sky lounge. Additionally, the property has 600 parking spaces.

JLL Capital Market’s Investment and Sales Advisory Managing Directors Teddy Leatherman and Scott Clifton, Director Kevin Kazlow and Associate Jack Goldberger led the team representing the seller.

Kennesaw State University’s recent growth

Kennesaw State University’s total enrollment for the Fall 2024 academic year reach a record 47,845 students, the sixth consecutive year of expansion. The school has a dormitory capacity of about 5,910 beds and 7,157 off-campus beds, according to Yardi Matrix information.

Last year, The Preiss Co. acquired The Haven at Kennesaw, a 148-bed, cottage-style student housing community in Kennesaw, 5 miles from Bixby Kennesaw. Henssler Capital sold the 2018-completed asset.