Lincoln Ventures has acquired a site at 558 W. Broad St. in Athens, Ga., to develop a 342-unit student housing property serving the students at the University of Georgia. Sitework will begin this month, with construction set to start in June and completion slated for the fall of 2024.
Rabren General Contractors is the general contractor for the project, with Niles Bolton Associates and Variant working on the design. Smith Planning Group is the landscape architect.
The seven-story development will encompass 600,000 square feet with a mix of one- to five-bedroom floorplans, totaling 750 beds. Community amenities include a coffee shop, pool, wellness center, resident lounge, ground-floor study lounge with private study rooms, fitness center, bike storage and pet grooming station.
Located at 558 W. Broad St., the community is within a mile of the University of Georgia, UGA Main Library and the Sanford Stadium. Downtown Athens is half a mile away from the property, offering residents access to dining and entertainment options.
The University of Georgia registered a 6.4-percent increase in rent rates and a 60-basis point uptick in enrollments, year-over-year as of December 2021. The institution is one of the universities with the highest development activity, with currently 1,034 rooms under construction and 485 prospective projects in the pipeline, Yardi Matrix data shows.
Lincoln Ventures continues to expand its student housing portfolio in major university markets. In December of last year, the firm broke ground on a 502-bedroom community in Gainesville, Fla., serving the students of the University of Florida.