Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
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Brandon Buell
Senior Managing Director – Student Housing
346.444.8982 | brandon.buell@berkadia.com
Kevin Larimer
Senior Managing Director – Student Housing
248.341.3305 | kevin.larimer@berkadia.com
BERKADIA STUDENT HOUSING TEAM
CONTACT Info
28411 Northwestern Highway, STE 300
Southfield, MI 48034
Phone: 248.646.7701
Detroit Office
2229 San Felipe Street, Ste 1600
Houston, TX 77019
Phone: 713.974.1300
Houston Office
Three Alliance Center
3550 Lenox Road, Suite 2600
Atlanta, GA 30326
Phone: 404.445.1064
Atlanta Office
Judy MacManus
Senior Director
404.654.2074 | judy.macmanus@berkadia.com
Steve Skok
Managing Director
312.845.5164 | steve.skok@berkadia.com
Mortgage Bankers
Aaron Moll
Senior Director
248.208.0529 | aaron.moll@berkadia.com
Peter Benedetto
Senior Managing Director
248.208.3462 | peter.benedetto@berkadia.com
PHOTO GALLERY
LOCATION
APARTMENT Amenities
Guest Bathroom
Spacious Bedrooms
Open Floor Plans
Free Internet & Cable
Furnished Options Available
Walk-In Closets
In-Unit Laundry
Pet Friendly
Storage Space
Large Kitchen
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Updated Clubhouse
2 Resort Style Pools
2 Full-Size Volleyball Courts
24 Hour Fitness Facility
Computer Lab
On-Site Management
Study Lounge
Private Shuttle
Tanning Bed
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Unit Amenities
PROPERTY INFORMATION
THE OPPORTUNITY
Market Dominant Community
Cottage Row is the community of choice for Georgia Southern students. Always the first asset to lease, it routinely achieves the highest YOY rent growth in the market. The cottage-style units, best in market amenity package and student-exclusive, neighborhood feel of the community all make Cottage Row the widely recognized best place to live for students.
Exceptional Operating Fundamentals
The asset is always fully preleased and average occupancy has been over 99% for the last three years. The property realizes dramatic rent growth each year, with rents increasing 13.3% from the 22/23 academic year to the 23/24 academic year. There is still additional room for rent growth as the only other cottage-style property, The Hamptons, is nearly $100 higher per bed than Cottage Row.
Strong Market Occupancy
The supply and demand fundamentals in the Georgia Southern market are exceedingly strong. Market occupancy has consistently been over 95% with no new construction being introduced to the market since 2015. Currently, there is only one 600-bed community in the development pipeline.
Consistent Rental Demand Drivers
With only 4,475 on-campus beds and 7,362 off-campus beds to meet the needs of nearly 18,000 students, demand for housing exceeds available supply.
Attractive Southern Growth State
Georgia has a population of 10.95 million and has grown by 238,000 since the last census, an average annual increase of nearly 24,000 people. With the state’s high school graduation rate increasing 14.4% to 84% since 2012, demand on Georgia’s universities continues to grow.
HOPE Scholarship and 12-State Academic Common Market
Georgia offers participating states’ residents reciprocal in-state tuition rates for students, increasing demand at Georgia’s universities. Additionally, Georgia offers the HOPE scholarship to its residents which covers 100% of tuition for in-state students who achieve certain academic thresholds. The combination of these programs has led to a more than 6% growth in first-year freshman enrollment over the last 5 years.
Attractive Total Return Opportunity
A purchaser can expect to achieve an above market leveraged IRR of 14.5% over a 7-year hold period based on currently available market rate debt.
Founded in 1906, Georgia Southern University (Georgia Southern) is a four-year public research university and designated as a Carnegie R2 Research institution. In the fall of 2022, Georgia Southern welcomed a total of 25,510 students across its three campus locations in Southeast Georgia, 17,738 of whom were enrolled at the main campus in Statesboro.
As the state's largest and most comprehensive institution of higher education south of Atlanta, Georgia Southern is an integral component of the local economy.
Georgia Southern University's Statesboro Campus boasts an on-campus housing capacity of 4,475 across seven residential buildings, leaving approximately 13,263 students in need of off campus housing.
University Overview
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17358 Georgia 67 S, Statesboro, GA 30458
ICON AND LOFTS
100%
OCCUPANCY
1,087
BEDS
339
UNITS
Opportunity
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1,845
AVG UNIT SF
$1.11
AVG RENT / SF
2013
YEAR BUILT
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Property Info
Opportunity
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