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 is 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 led the local student housing market in pre-lease velocity for both the academic years of 2019-20 and 2020-21. The spacious community offers students luxurious 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, study lounge and more.
The story of the Statesboro market reinforces 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 declining rates and occupancy while enrollment remained relatively flat. Since then, the market has seen a migration of students out of the shadow market and into the purpose-built product which has led to the market leasing up at a record pace, setting the stage for future rent growth. This market is quite the case study. said Samuel Mtunga, principal and chief operating officer at XFD Real Estate Partners. Cottage Row offers us a value creation opportunity that is backed by a solid rent roll and reputation. We are excited to showcase how far this asset can go with our management expertise and the deployment of $2 million in capital improvements.
Cottage Row offers 10 townhome-style floor plans, ranging from two to five-bedroom options. The individual apartments boast the largest floorplans in the market, which include unique features like guest bathrooms and walk-in closets. Furnished and unfurnished options are available as well and the community is pet friendly.
XFD Real Estate Partners entered into a joint venture with New York-based investment firm Ash Real Estate, along with Saxum Real Estate and Anchor Real Estate Capital for this acquisition.
This is the first in a series of acquisitions we are pursuing, said Gregory Bronson, principal at Ash Real Estate. We have assembled a world class group and we are focused on identifying unique opportunities to put our capital to work. We are disciplined in our approach and our ability to execute in today s environment is an important differentiator as we move forward.