JV Acquires Southern Student Housing Portfolio
The buyers are planning renovations at both properties.
A joint venture involving Pumphouse Residential Group, WeldenField Development and SPM has acquired The Lodge of Athens and Wildwood Baton Rouge, two student housing communities located at the University of Georgia and Louisiana State University, respectively. Alden Street Capital Management was the seller. A purchase price was not disclosed.
All together, the properties total 444 units and 1,188 beds.
According to Yardi Matrix information, Alden Street had owned Wildwood Baton Rouge since 2018 and The Lodge of Athens since 2020. It paid $52.5 million for the former property and $25.5 million for the latter.
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Institutional Property Advisors arranged the portfolio sale. Following the trade, SPM will provide property management services at both properties and will also supervise planned renovations through its SPM Building Services subsidiary.
Property profiles
The Lodge of Athens is a 240-unit, 480-bed community built in 2003, according to Yardi Matrix information.
Located 0.8 miles from the UGA campus at 211 North Avenue in Athens, the gated community offers an array of d amenities including a modernized clubhouse, upgraded pool area, fitness center, private shuttle to campus and enhanced study areas with a new computer lab. A dedicated dog park, sand volleyball and basketball courts, and new grilling and hammock garden areas round out the amenity package.
Wildwood Baton Rouge, has 204 units and 708 beds spread over a mix of flat-style apartments and townhomes. The community was completed in 2016 and is located at 5959 Burbank Drive, 1.4 miles from the LSU campus.
Units at Wildwood include Wildwood Baton Rouge include smart TVs, full kitchens with bar areas, private patios and balconies. Community amenities include a pool with cabanas as well as an outdoor fitness center, gameday room, cybercafé, fire pit and grilling pavilions in addition to a volleyball court, half basketball court, pet-friendly facilities and 24-7 study areas.
Institutional interest
Institutional investors remain attracted to student housing. Last month, a joint venture between Liberty Mutual and Landmark Properties purchased two parcels for the development of two student housing communities located near the Pennsylvania State University and the University of Connecticut.
Four months ago, a joint venture involving Morgan Stanley and Scion scooped up a 2,000-bed student portfolio in Oxford, Miss. for $262 million.
