Austin Creek Community near Southern Poly Sold, Converts to Student Housing
- Oct 20, 2014
A newly formed joint venture has recently announced the acquisition of the 120-unit Austin Creek community at Southern Polytechnic State University’s campus. The partnership incorporates Chicago-based opportunistic, privately held real estate investment firm T2 Capital Management and Atlanta real estate service firm Campus Realty Advisors.
T2 provides capital structured as bridge loans, mezzanine loans, preferred equity, and joint venture equity, targeting mainly transitional and opportunistic middle-market commercial real estate assets. Campus Realty Advisors is a boutique investment and development company focused on creating value in off-campus student housing, identifying college markets and properties that offer significant profit potential for its investors and operating partners.
The investment group will to rebrand Austin Creek as Campus Edge and convert the property from conventional apartments to student housing. The partners also plan to invest significant capital into improvements to unit interiors as well as to amenities. Campus Realty will provide asset management services and oversee the major renovation of the property.
Located in Marietta, the property is immediately adjacent to the campus of Southern Polytechnic State University and the partnership marks out the redeveloped asset for students of SPSU and other local universities. Southern Poly will foreseeably merge with Kennesaw State University to act as its engineering and technology campus according to an announcement made earlier this year by the Georgia Board of Regents.
Houston-based Asset Campus Housing, an Asset Plus real estate management company was called upon to provide property management services for Campus Edge. Founded in 1986, Asset Campus is the largest privately owned, third party student housing property management firm in the U.S.
Image source: Google Maps