Cushman & Wakefield has negotiated the sale of a 45-unit, 180-bed student housing asset in Carrollton, Georgia. Called University Lofts, the apartment community serves students of the University of West Georgia (UWG), a public university with a growing enrollment of approximately 13,500.
A team comprised of Executive Managing Director Travis Prince, Director Shawn Lubic and Senior Financial Analyst Victoria Marks of Cushman & Wakefield’s Student Housing Capital Markets Group, as well as Senior Associate Nelson Abels and Associate Christopher Lyon with the firm’s Atlanta-based multifamily group, represented the seller, Student Quarters U-Lofts, LLC, in the disposition.
Built in 2005, University Lofts is a three-story apartment community offering fully furnished, 1,600-square-foot, four-bed four-bath residences.
At 394 Brumbelow Road, the property is adjacent to the UWG campus, providing residents with the convenience and luxury of one of the best pedestrian locations in the surrounding off-campus housing market. Students can walk to the heart of campus in under 10 minutes, passing several academic buildings, the UWG Bookstore and the Greek Village. Carrollton’s retail, grocery, dining and nightlife options are also all within a short drive.
“Due to its premiere location and status as one of the only fully furnished student housing options in the market, University Lofts has achieved notable organic rental rate growth in the last few years,” said Prince. “The property is a prime candidate for a modernization program, and upgrades to unit interiors could command significant additional rent growth and increased returns for the new owner.”