Student Housing Complex Sold in Georgia
Carrolton, GA —Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, completed the $5,900,000 sale of The Cottages UWG, a boutique student housing rental property located at 324 Brumbelow Road, Carrolton, GA. Matthews™ Vice President and Associate Director Austin Graham represented the seller in the transaction.
Steps away from the University of West Georgia campus, the apartment complex was originally built in 2013, featuring 26 units and 37,760 square feet at 98% occupancy. The Cottages UWG offered a development opportunity to buyers with zoning and building plans to add 42 beds. The seller, the project’s original developer, held the multifamily investment for 10 years and was interested in reallocating capital into other investments.
“This investment offered buyers a high yield on a turn-key deal with great in-place assumable agency financing,” Graham said.
The buyer, a Florida-based investor, has experience in the student housing sector and acquired the property to add a newer build with attractive returns to their portfolio.
“The buyer can continue pushing rents and finding ways to improve operational efficiencies,” Graham said. “There is also the possibility of them moving forward with development on the already planned and approved Phase III down the road.”
For more information or to contact a Matthews™ specialized agent, please visit www.matthews.com.
Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 600 agents and support staff in 22+ offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.
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