Campus Apartments has purchased The Hudson, a 780-bed student housing community in Statesboro, Ga., for $41.7 million. RRA/GREA’s National Student Housing Group brokered the sale on behalf of the seller, Vesper Holdings. The company paid $28.5 million for the property in 2017, according to Yardi Matrix data.
Completed in 2012, the community encompasses 12 three-story buildings and 300 units with studio, one-, two-, three- and four-bedroom floorplans, ranging from 556 to 1,396 square feet. The units have in-unit washers and dryers and private balconies. Property amenities include a clubhouse tech bar and student center, a gym equipped with a boxing ring, weight machines and Peloton bikes, a pool, spa and an outdoor picnic area with barbecue grills.
Located at 831 S. Main St., the community is within a mile of Georgia Southern University, the M.C. Anderson Sports Complex and the Allen E. Paulson Stadium. East Georgia Regional Medical Center and Walmart Neighborhood Market are less than 3 miles away from The Hudson.
Due to the strong fundamentals, such as high enrollment rates and limited new developments in the pipeline, investor interest is high in the Georgia Southern University market, according to prepared remarks from RRA/GREA’s Student Housing Specialist Douglas Sitt.
Nonetheless, student housing developers are active in Georgian university markets. Last week, Lincoln Ventures unveiled plans for a 342-unit student housing community serving the students at the University of Georgia in Athens.