Georgia Student Housing Community Changes Hands
- Sep 20, 2021
Stratus Development Group has sold The Haven of Athens, a 286-bed student housing community near the University of Georgia in Athens, Ga. Cushman & Wakefield Student Housing Capital Markets Group’s Travis Prince, Shawn Lubic and Victoria Marks, along with Cushman & Wakefield’s Sunbelt Advisory Group, represented the seller in the transaction.
Located at 135 Kentucky Circle, The Haven of Athens is situated less than one mile from the University of Georgia campus. The student housing community features 93 two-, three- and four-bedroom cottages. Amenities include a fitness center.
In August, Blackstone and Landmark Properties launched a student housing joint venture intended to target student housing assets near universities rising in enrollment.
Investing in a Robust Market
The Haven of Athens is located in a highly attractive location and offers residents unique, flexible floor plans. It also provides state-of-the-art smart home features.
Completed in the autumn of 2020, the property delivered at 100 percent occupancy. This year, it achieved 100 percent pre-lease for the fall of 2021. As a result, The Haven offered the buyer a stabilized, Class A investment opportunity in the University of Georgia market, one of the most sought-after markets in the country.
“The Haven delivered fully stabilized in its first year and leased up faster and with significant rent growth in its second year,” Prince told Multi-Housing News.