XFD Real Estate Purchases Georgia Student Housing for $45M
- Aug 06, 2020
XFD Real Estate Partners has acquired Cottage Row, a 1,087-bed student housing community in Statesboro, Ga. According to public records, Rialto Capital sold the property for $45.2 million. The buyer received a five-year, $32.7 million acquisition loan from Ameris Bank.
According to XFD, the Cottage Row deal represents the largest student housing sale in the market since 2016. The buyer partnered with Ash Real Estate, Saxum Real Estate and Anchor Real Estate Capital for this acquisition.
Cottage Row comprises two to five-bedroom units, with guest bathrooms and walk-in closets. Common-area amenities include a fitness center, two swimming pools, two volleyball courts, a movie theater and a campus shuttle. The new owner plans to invest $2 million in renovations.
Located at 17358 GA-67 S., the community is 2 miles from Georgia Southern University. The surrounding area has several retail and dining options, including Statesboro Mall, situated some 3 miles from the asset. The property is also within 3 miles of 111 South, a 709-bed student housing community that traded in March.
Colliers International’s Sean Baird, director of the National Student Housing Group; Will Matthews, managing director of the Multifamily Advisory Group, and Senior Associate Jonathan Holt handled the transaction. Nathan Lynch, executive managing director, Capital Markets, and Donald Jennewein, executive managing director, Capital Markets, both of Colliers International, secured the financing.