Pope & Land Buys Atlanta Student Community
First Carolina Bank provided a $29.4 million acquisition loan.
Pope & Land Real Estate has acquired 100 Midtown, a 118-unit, 330-bed luxury student housing community in Atlanta for $36.8 million, public records show. First Carolina Bank provided a 5-year, $29.4 million loan, according to the same source.
Arizona State Retirement System was the previous owner, based on Yardi Matrix information. TSB Realty brokered the deal, while TSB Capital Advisors arranged the acquisition financing.
The asset previously changed hands in January 2021, when Arizona State Retirement System purchased it from Pierce Education Properties as part of a portfolio transaction, the data provider shows.
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Currently 98 percent occupied, the community came online in 1968 and was repositioned as a student housing property in 2004. The nine-story building consists of fully furnished two- and four-bedroom floorplans, ranging from 620 to 1,765 square feet.
Common-area amenities at the almost 2-acre property include:
- fitness center
- clubhouse
- business center
- film lounge
- pool tables
Residents also have access to a community lounge, video game room, library and about 245 parking spaces.
Located at 100 10th St. NW, the building is adjacent to the Georgia Institute of Technology main campus and close to a host of dining and retail options. Downtown Atlanta is some 2 miles away, while Hartsfield-Jackson Atlanta International Airport is within 13 miles.
