In a recent transaction, student housing asset manager Student Quarters acquired HERE Atlanta for $181 million. The 350-unit, 29-story tower on Spring Street was developed and sold by CA Ventures in 2021. Located just two blocks east of Georgia Tech, the project has been identified as a promising investment opportunity.
According to the Atlanta Business Chronicle, American General Life Insurance Co provided a loan of $105.5 million for the acquisition with an October 2028 maturity date.
Amidst slower activity in traditional multifamily communities, student housing is emerging as a lucrative sector within multifamily real estate. CBRE’s report predicts strong rent growth of 11.7% for the Southeast’s student housing market during the upcoming academic year (2023-2024), surpassing that of standard multifamily at only 1.8%. This trend highlights its potential as an attractive investment option in today’s market.
