Baltimore, MD – Alex. Brown Realty, Inc. (ABR) and Student Quarters Properties, LLC, are pleased to announce the acquisition of University Flats, a five-story student housing property located adjacent to the University of Alabama at Birmingham (UAB). ABR Chesapeake Fund V, a value-add real estate fund sponsored by ABR, invested $3.83 million in the joint venture. Financing for the acquisition was provided by Key Bank.
Originally developed as a condominium project, University Flats contains 60 units and 92 beds and offers many features not found in traditional student housing. Its oversized units include upgrades such as nine-foot ceilings, granite countertops, walk-in closets, and a washer and dryer in each unit. Several units also include walk-in showers and oversized private balconies. In addition, the property has nearly a 100% bed-bath parity.
“We are excited to acquire University Flats, which offers an array of amenities not typically available in student housing projects,” said Andy Feinour, President and CEO of Student Quarters. “Our extensive experience owning and managing student properties will allow us to effectively position this project to capture rent growth and maximize value,” added Feinour.
University Flats offers excellent access to UAB, which has experienced record growth over the past several years. “This acquisition represents an opportunity to acquire an attractive, off-market project with an experienced student housing owner and repeat partner of ABR,” commented Tom Burton, ABR’s Senior Managing Director and CIO. “We expect the property to be an excellent addition to our portfolio of middle-market, value add investments based on its superior location, our attractive basis, and a focused management effort by Student Quarters.” University Flats represents the second acquisition made by an ABR-sponsored investment program and Student Quarters.
Alex. Brown Realty, Inc. (ABR) is a privately-owned real estate investment manager organized in 1972 and headquartered in Baltimore, Maryland. ABR co-invests with joint venture partners in a broad spectrum of property types located throughout the United States. www.abrealty.com
Student Quarters Properties, LLC is an Atlanta-based student housing investor and property management firm. Founded in 2013, Student Quarters focuses on the acquisition and repositioning of underperforming assets within walking distance to universities in the Southeast, Mid-Atlantic and the Midwest. The company has acquired student housing properties with over $325 million in market value, and currently owns or manages approximately 26 properties in eight states, which comprise a portfolio of more than 6,000 beds. www.livesq.com