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Georgia Tech Student Housing Community Flips for $36.8M
Pope & Land Real Estate has acquired 100 Midtown, a 118-unit, 330-bed luxury student housing community in Atlanta for $36.8 million.
TSB Realty brokered the deal, while TSB Capital Advisors arranged the acquisition financing which was provided by First Carolina Bank, a 5-year, $29.4 million loan.
Commercial Edge reports the asset changed hands in January 2021, when Arizona State Retirement System purchased it from Pierce Education Properties as part of a portfolio transaction.
Currently 98 percent occupied, the community came online in 1968 and was repositioned as a student housing property in 2004. The nine-story building consists of fully furnished two- and four-bedroom floorplans, ranging from 620 to 1,765 square feet. Located at 100 10th St. NW, the building is adjacent to the Georgia Institute of Technology main campus.
Common-area amenities at the almost 2-acre property include a fitness center, clubhouse, film lounge and pool tables.
Residents can also access a community lounge, video game room, library and about 245 parking spaces.
- ◦Sale/Acquisition
