Nuveen Real Estate has closed on the sale of 14 SixtyFive, a 52-unit, 241 bed luxury student housing community for residents of Kennesaw State University, located at 1465 Shiloh Rd. in Kennesaw, Ga. Nuveen purchased the property from previous owner Fountain Residential Partners.
A JLL team led by senior directors Teddy Leatherman, Stewart Hayes and Scott Clifton represented the seller in the transaction, which was completed for an undisclosed amount. The building’s construction is subject to a $14.5 million loan, according to CommercialEdge data.
Construction of 14 SixtyFive began in 2021 and finished in February of 2022. The community is home to 3,249 square feet of space, featuring two-, three-, four- and five-bedroom offerings. Each unit is fully furnished, and includes stainless steel appliances, plank flooring, granite countertops, smart televisions and private balconies. Community amenities consist of study spaces and lounges, a fitness center, a pool, a gaming room and an outdoor kitchen. The development is situated 1 mile north of the Kennesaw State campus and is within 25 miles of downtown Atlanta.
Student housing’s success
The sale of 14 SixtyFive takes place as the nation’s student housing sector emerges relatively unscathed from pandemic-era shutdowns and a switch to remote learning. The Sun Belt in particular has seen the smallest enrollment decline nationwide, experiencing growth in its construction and development markets, as higher-quality housing near campuses sees heightened occupancy rates, exceeding 90 percent over the second quarter of 2022, according to data from JLL Research.