Atlanta—Residential and multifamily property investor AH Capital has closed the $21.7 million sale of University Oaks, a student community in Athens, Ga. Robert Stickel of Cushman and Wakefield represented AH Capital in the transaction. The 500-unit multifamily asset is situated less than 3 miles away from the University of Georgia.
Located at 2360 W. Broad St., the off-campus student housing community was sold to Asia Capital Real Estate in an off-market all-cash deal. The 36-acre property is located on a main artery that leads to the university and is close to a large number of commercial and retail developments. The company acquired the property back in December 2012 and has since implemented extensive improvements. Currently operating at 93 percent occupancy, with Sycamore Property Management handling on-site leasing and management of the property.
“This is a well occupied, cash flowing asset with tremendous upside potential. Our buyer was excited about the opportunity to purchase this property, which offers large economies of scale as well as potential future redevelopment in a premier submarket,” Daniel Alexander, founder & owner of AH Capital, said in prepared remarks.
AH Capital has redeveloped roughly $160 million worth of distressed residential assets in some of the hardest hit foreclosure markets in Atlanta where it currently owns and operates more than 2,400 units.
Image courtesy of AH Capital