PAC Invests in 792-Bed Atlanta Asset

By Adina Marcut

Stadium Village

A joint venture led by Preferred Apartment Communities has converted a portion of its real estate loan investment along with an additional equity investment into an approximate 98 percent equity ownership interest for Stadium Village, a 198-unit student housing community serving Kennesaw State University. Preferred Campus Management, a wholly owned subsidiary of Preferred Apartments Advisors, will manage the business and operations for the joint venture. 

Located at 3044 Hidden Forest Court, the 792-bed property offers four-bedroom units averaging 1,582 square feet. Each unit features amenities such as 55-inch TVs, private bathrooms, washers and dryers, electronic lockers and all utilities included. Common area amenities include:

• Wi-Fi
• swimming pool
• green space with grills, fire pits and seating areas
• covered outdoor kitchen with built-in grills
• amphitheater with fire pit
• walking trails
• lounge decks/sun shelf
• covered outdoor TV area

$2,776 average rent per unit

The 11 four-story buildings of the community are pet-friendly and offer a total of 442 parking spaces. The property is close to various shopping, dining and entertainment venues such as Fifth Third Bank Stadium, Regal Cinemas Town Center 16 & RPX, Town Center at Cobb, The Home Depot and Rockridge Forest & Wildlife Refuge. According to data provider Yardi Matrix, Stadium Village had an average rental rate of $2,776 per unit as of September.

“This is a great asset with excellent long-term potential value near a thriving university,” Paul Cullen, CEO of Preferred Campus Communities, said in a statement. “Since stabilization, the property has operated close to 100 percent occupancy.”

Back in August, PAC closed a $17.9 million loan to develop a new Class A residential community in Atlanta.

Image courtesy of Yardi Matrix