STATESBORO, GA – XFD Real Estate Partners, a student housing real estate investment and property management firm, recently acquired Cottage Row, the largest off-campus student housing community in Statesboro. This acquisition marks the largest student housing sale in the market to date.
The 1,087 bed community is located 1.5 miles from Georgia Southern University at 17358 GA-67 S. Cottage Row was a leader in the local student housing market for both the 2019-20 and 2020-21 academic years. The spacious community offers students luxury amenities, including a state-of-the-art 24-hour fitness center, two resort-style swimming pools, two volleyball courts, a movie theater, a private shuttle to campus, a study lounge, and more.
“The history of the Statesboro market strengthens our belief in the resilience of the student housing sector. Five years ago, Statesboro was considered one of the most overdeveloped markets in the country, with rates and occupancy falling while enrollments remained relatively flat. Since then, the market has seen a migration of students from the shadow market to the specially designed product, which has resulted in the market being leased at a record pace and creating the conditions for future rental growth. This market is a good case study. “Said Samuel Mtunga, Principal and Chief Operating Officer at XFD Real Estate Partners. “Cottage Row provides us with a value creation opportunity that is backed by a solid rental role and reputation. We are excited to show you how far this asset can go with our management expertise and the use of $ 2M in capital improvements. "
Cottage Row offers 10 townhouse style floor plans ranging from two to five bedrooms. Each apartment has the largest floor plan in the market, including unique features such as guest bathrooms and walk-in closets. Furnished and unfurnished options are also available and the community is pet friendly.
For this acquisition, XFD Real Estate Partners has entered into a joint venture with the New York-based investment firm Ash Real Estate as well as Saxum Real Estate and Anchor Real Estate Capital.
"This is the first in a series of acquisitions that we are pursuing," said Gregory Bronson, principal at Ash Real Estate. “We have put together a world class group and are focused on identifying unique opportunities to deploy our capital. We are disciplined in our approach and our ability to work in today's environment is a major differentiator for further development. "
Source: XFD real estate partner