Nuveen Acquires Atlanta Student Housing Community
Nuveen Real Estate closed the sale of 14 SixtyFive, a 52-unit, 241-bed luxury student housing community for residents of Kennesaw State University, located at 1465 Shiloh Rd. in Kennesaw, Ga. Nuveen purchased the property from the previous owner Fontaine Residential Partners.
A JLL The team led by senior directors Teddy Leatherman, Stewart Hayes and Scott Clifton represented the seller in the transaction, which was completed for an undisclosed amount. The construction of the building is under loan for $14.5 million, according to data from CommercialEdge.
READ ALSO: The flight of the capital towards quality in student housing
Construction of 14 SixtyFive began in 2021 and was completed in February 2022. The community is home to 3,249 square feet of space, with two-, three-, four-, and five-bedroom offerings. Each unit is fully furnished and includes stainless steel appliances, plank flooring, granite counter tops, smart TVs and private balconies. Community amenities consist of study and lounge areas, a fitness center, swimming pool, game room, and outdoor kitchen. The development is located 1 mile north of Kennesaw State Campus and less than 25 miles from downtown Atlanta.
The success of the student residence
The sale of 14 SixtyFive comes as the country’s student housing sector emerges relatively unscathed from pandemic-era lockdowns and the shift to remote learning. The Sun Belt in particular has seen the smallest decline in enrollment nationally, experiencing growth in its construction and development markets as higher quality housing near campuses sees increased occupancy rates, exceeding 90% in the second quarter of 2022, according to data from JLL Research.
Blue Vista has also collaborated on other student housing projects in the Atlanta area, partnering with StepStone and PeakMade in a community of 671 and 1,535 beds, respectively, near Georgia Tech.