Baltimore, MD – A joint venture organized by Alex. Brown Realty (ABR) and Atlanta-based owner-operator Student Quarters has acquired Riverfront Village, a 440-bed student housing property near the University of Alabama in Tuscaloosa. ABR Chesapeake Fund VI, a value-add real estate fund sponsored by ABR, invested $7.4 million in the joint venture. Randall Calvert of TSB Realty represented the seller in the transaction.
The 192-unit property was built in 2014 and offers 1, 2 and 3-bedroom floorplans, all with bed-to-bath parity. Shared amenities include a resort-style pool, a two-story fitness facility, covered garage parking, computer labs, and study rooms. All units are fully furnished with private balconies, gourmet kitchens, hardwood-style flooring, and walk-in tiled showers.
“We are thrilled to once again own student housing in Tuscaloosa,” said Andrew Layton, Chief Acquisition Officer for Student Quarters. “The University of Alabama is truly one of the cornerstone markets in student housing. Riverfront Village’s location near both the classrooms and the nightlife, as well as its close proximity to the Riverwalk and the Tuscaloosa Amphitheater, provides students unrivaled access to the best that Tuscaloosa has to offer.”
“Riverfront Village provides an attractive value-add opportunity with a superior location,” commented Tom Burton, ABR’s Senior Managing Director and CIO. “We are pleased to be partnering with Student Quarters on this project and are confident in their ability to successfully execute the business plan. We anticipate the asset will generate a strong result for our investors.” The acquisition marks the third transaction between ABR and Student Quarters.
Alex. Brown Realty (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 31 properties in eight states, which comprise a portfolio of more than 8,000 beds. www.livesq.com