DALLAS, TX - HFF announced today that it has closed the sale of West 22, a 245-unit, 850-bed student housing community serving Kennesaw State University in Kennesaw, Georgia. HFF also arranged acquisition financing for the buyer.
HFF marketed the property on behalf of the seller, a joint venture between South City Partners and The Carlyle Group. Campus Advantage purchased the asset for an undisclosed amount. HFF also worked on behalf of the buyer to secure a 10-year, fixed-rate acquisition loan through M&T Bank.
West 22 is located at 3615 Cherokee Street approximately 1.7 miles from campus and less than one mile from Interstate 75 northwest of downtown Atlanta. Completed in 2013, the property includes a mixture of cottages, manor houses and luxury flats averaging 1,356 square feet each. Community amenities include a two-story fitness center, clubhouse, resort-style pool, amphitheater, full-size sports and recreation field, half-mile fitness trail, sand volleyball court, basketball court, study rooms, internet café and shuttle service to and from campus. The property is 98 percent leased for the 2013/2014 academic year.
The HFF investment sales team representing the seller was led by managing directors Troy Manson and Brian Kelly.
HFF’s debt placement team was led by director Adam Herrin along with senior managing director Eric Tupler and director Gregg Shapiro.
South City Partners is a fully integrated student housing and multifamily development company whose principals have a long history of successfully developing award-winning projects throughout the southeast.
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $185 billion of assets under management across 122 funds and 81 fund of funds vehicles as of September 30, 2013. Carlyle's purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,450 people in 34 offices across six continents. Web: www.carlyle.com.
Campus Advantage is an Austin-based real estate firm that offers student housing management, development, acquisition and consulting services. The company works to create winning partnerships between colleges, universities, investors, developers and owners in an effort to help students achieve their academic and personal goals. For additional information, please visit http://www.campusadv.com.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.com or follow HFF on Twitter at www.twitter.com/hff.