PAC Invests in 792-Bed Atlanta Asset
- Nov 02, 2017
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:
- 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