Preiss Sells Georgia Student Community
The property previously traded more than 15 years ago.
Preiss has sold Market 100, a 532-bed student housing community in Statesboro, Ga. RDG Student Housing, a division of Redeeming Development Group, acquired the asset.
JLL Capital Markets arranged the sale and led financing efforts. The buyer obtained a three-year acquisition loan from Bayview Asset Management.
This marks the company’s first student housing acquisition. At the time of sale, the property was 97 percent occupied.
The asset previously traded in January 2010, when Preiss acquired it from Lowe Enterprises in a bankruptcy sale, Yardi Matrix data shows. The firm paid $6.3 million for it.
Sitting on almost 15 acres at 100 Bermuda Run Road, Market 100 is within walking distance of the Georgia Southern University campus and adjacent to several retail options, as well as 2 miles from Allen E. Paulson Stadium. Statesboro’s city center is within 3 miles.
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The community comprises 13 two-story buildings completed in two phases in 1991 and 1997. The unit mix consists of two-, three- and four-bedroom floorplans ranging from 766 to 1,230 square feet. Apartments have walk-in closets, as well as private balconies and patios and bed-to-bath parity in most layouts.
Common-area amenities include a swimming pool, sand volleyball court, clubhouse, computer lounge and fitness center. The community also has an entertainment center, billiards table and a basketball court.
JLL’s Student Housing Capital Markets Managing Directors Teddy Leatherman and Scott Clifton, as well as Director Kevin Kazlow, led the team representing the seller. JLL’s Debt Advisory Senior Directors Jayme Nelson and Dan Kearns were part of the team that worked on behalf of RDG.
Student housing investment holds steady despite decrease
Year-to-date as of September, 76 student housing assets changed hands nationwide, totaling $3.7 billion, according to a Yardi Matrix report. This figure was smaller compared to the 94 student housing sales and $5 billion registered during the same period last year.
While the average price per bed slipped to $98,000 compared to $107,000 a year earlier, pricing remains elevated relative to pre-2024 levels—an indication that values are holding firm even as large portfolio trades have tapered off.
Earlier this year, Preiss acquired and capitalized two student housing development sites in Knoxville, Tenn., and Raleigh, N.C. The company will develop them in partnership with Monarch Alternative Capital and will serve the University of Tennessee and North Carolina State University.
