Ascott Residence Trust Enters US Market With $95M Student Housing Purchase
- Jan 28, 2021
Ascott Residence Trust, one of Asia’s leading hospitality trusts, is set to enter the United States market with its first student housing acquisition. The entity’s $95 million purchase of Signature West Midtown, a 525-bed community in Atlanta, is expected to be completed by the end of March.
According to Yardi Matrix data, the asset last traded in 2019, when The Preiss Co. acquired it from Peak Campus. The $69.9 million transaction was subject to a $59.7 million loan originated by CIBC Bank USA. In December, Preiss and a private equity real estate fund advised by Crow Holdings Capital acquired a 600-bed student housing community in Auburn, Ala.
Built in 2019, the Atlanta property comprises two buildings with a mix of studio and one- to five-bedroom apartments. Common-area amenities include a swimming pool, rooftop lounge, business center, game room, barbeque pits and study lounges. A third-party operator will manage Signature West Midtown.
Located at 800 Marietta St. NW on a 2-acre site, the 183-unit property is within walking distance of the Georgia Institute of Technology and roughly 1 mile from Technology Enterprise Park, a 2.2 million-square-foot research hub developed by Georgia Tech.