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Commercial Real Estate

Oct. 18 - Colliers International brokers student housing sale near Georgia Southern University for $2.85 million

Category: Commercial Real Estate

Savannah Business Journal Staff Report

October 18, 2017 - Colliers International has brokered the sale of Berkshire Village, a 50-unit, 115-bed apartment community that serves students of Georgia Southern University in Statesboro, a city located about 60 miles northwest of Savannah. The property sold for $2.85 million and is located directly across from the university’s campus.

Travis Prince, Executive Managing Director, and Sean Baird, Director, with Colliers International’s Student Housing Group, worked with Will Mathews, Senior Vice President with Colliers International Atlanta, and Craig Brown, Associate with Colliers International Tampa Bay and Central Florida, to broker the transaction.

The seller is Page Hall, LLC, and the buyer is Campus Side Apartments, a private real estate company that purchases value-add assets in the southeast.

The property was built in several phases from 1992 - 2001, and the seller recently invested approximately $300,000 into updating 45 of the 50 units with new flooring, appliances, countertops and paint. The buyer plans to make additional upgrades to the units and add shared amenities to the outdoor space.

Floorplans include 550-square-foot apartments with one bedroom and one bathroom, 1,150-square-foot townhomes with two bedrooms and 2.5 bathrooms, and 1,450-square-foot townhomes with four bedrooms and 4.5 bathrooms. All units are pet friendly and have full kitchens, spacious living areas, in-unit washers and dryers and patio access.

The property has a total of 115 beds and was 96 percent occupied at time of sale.

“Over-development in the Georgia Southern University market had been causing unstable occupancies and depressed rents, but the market has recently begun to experience a turning point,” said Colliers’ Baird. “With continued enrollment growth and plans for a South Campus, the future is looking much brighter for the Statesboro student housing market, and we expect to see continued rent growth and stabilized occupancy over the next few years.”

Georgia Southern University is a state school with more than 20,000 students enrolled. Berkshire Village is located on 3.76 acres at 220 Lanier Drive and provides walkable access to the school.

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