Investcorp JV Picks Up Atlanta Student Housing

The global investment firm partnered with The Preiss Co. to acquire the 525-bed property.

Signature West Midtown. Image courtesy of The Preiss Co.

Bahrain’s Investcorp has taken another bite out of the U.S. housing sector by teaming up with The Preiss Co. to acquire a 525-bed property catering to students at the Georgia Institute of Technology in Atlanta. The student housing asset, Signature West Midtown, provides a mix of bedrooms ranging from studio to five-bedroom layouts at 800 Marietta St. NW.

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Peak Campus completed the property last year. For The Preiss Co., a leading owner-operator of student accommodation in the U.S., the transaction marks the company’s first foray into Atlanta and its fourth student housing community in Georgia. The firm noted in a statement that it expects “steady growth” of its student portfolio to continue in the state.

The deal comes after Investcorp, which managed more than $28 billion in global assets as of mid-2019, snapped up an 11-property multifamily portfolio from Equus Capital Partners for $370 million in June of last year. That purchase followed the global investment firm’s acquisition of a $330 million apartment portfolio across the Southeast and Southwest last February.

Off-campus homes

Located across the street from the Georgia Tech campus and the tree-lined PATH Parkway, Signature West Midtown includes a dedicated parking garage and 10,500 square feet of retail space. Each of the building’s 183 units features private bedrooms and bathrooms as well as 50-inch 4K Smart TVs in the living room, in-unit laundry and NEST Smart Thermostats.

The residences also come with modern furniture, granite countertops and plank vinyl flooring. Common amenities of the five-story, two-building property run the gamut from a swimming pool and sundeck, rooftop lounge with downtown views and fitness center to a cyber café with free printing. 

BOK Financial provided a $43.1 million construction loan for the development in July 2018, according to Yardi Matrix.

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