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| West 22 Student Housing Community, 3615 Cherokee Street, Kennesaw, GA |
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| Troy Manson |
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.
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| Brian Kelly |
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.
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| Adam Herrin |
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.
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| Eric Tupler |
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:
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
For the complete
copy of the company’s news release, please contact:
Olivia Hennessey
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com
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