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.
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.
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.