Georgia Student Community Changes Hands for $69M
Priderock Capital Partners acquired the 876-bed property.
Pierce Education and Nuveen acquired The Connection at Athens in 2018 for $51 million, according to Yardi Matrix. Image courtesy of CBRE
Priderock Capital Partners has acquired The Connection at Athens, an 876-bed student housing property in Athens, Ga., for $68.5 million, public records show. Newmark originated a 43.9$ million, 10-year Freddie Mac loan for the acquisition, according to the same source. A partnership between Pierce Education Properties and Nuveen Real Estate sold the property, with CBRE brokering the transaction.
Completed in 2008, the community comprises 341 units with a mix of one-, two-, three- and four-bedroom apartments, averaging 1,045 square feet with walk-in closets, in-unit laundry facilities and stainless steel appliances. Community amenities include four swimming pools, outdoor gardens, basketball and volleyball courts, as well as a clubhouse with private study rooms and a game room.
Located at 255 The Preserve Drive, the community is some 4.5 miles away from the University of Georgia campus and Sanford Stadium, whereas downtown Athens is some 4.3 miles east of the property. Several retail options, including Athens West Shopping Center and Athens Promenade, are within a 1-mile radius.
Executive Vice President Jaclyn Fitts, Senior Vice Presidents William Vonderfecht and Casey Schaefer of CBRE’s National Student Housing team, alongside Vice Chairmen Kevin Geiger and Shea Campbell of CBRE’s Multifamily team represented the seller in the transaction.
The University of Georgia keeps strong fundamentals
The University of Georgia is among the 33 markets registering double-digit rent growth, the latest Yardi Matrix report shows. Currently, there are 28 properties totaling 12,708 beds serving the students at the institution, according to the same data provider. Two projects under construction and one planned property will add over 2,400 beds to the inventory.
A partnership between Trinitas Ventures and Harrison Street is developing Atlas Athens, a 1,053-bed community at 2400 Lexington Road, scheduled for completion this year. Another community, at 558 W. Broad St., under development by LV Collective, will add 750 beds to the market.
