google-site-verification: google5ae98130f18ad244.html

Sunday, December 16, 2018
Text Size

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.

Overall Rating (0)

0 out of 5 stars

Leave your comments

Post comment as a guest

0 / 300 Character restriction
Your text should be in between 10-300 characters
Your comments are subjected to administrator's moderation.
terms and condition.
    • No comments found
    CLICK to SUBSCRIBE and Support Great Journalism!

    Follow Us!


    Komento Activities

    Guest - Maria Johnson Pleming - Commented on Oct. 25 - Department of Biolog... in Joomla Article
    So happy to know the Millen Fish Hatchery will be recognized for the incredible system. Mr uncle Dav...
    Guest - Karin Mcgruder - Commented on June 4 - Foram Group Announces... in Joomla Article
    Are there any updates on this project?and when will the first apartments be available?
    Guest - Hart Williford - Commented on June 28 - Savannah Music Festi... in Joomla Article
    Rob will be missed by the entire Savannah Community, he built the Savannah Music Festival to worldwi...
    Guest - Daryl Stair - Commented on Oct. 16 - Sonesta Resort Hilto... in Joomla Article
    Do you have to be a paying guest to use the Tesla charger?
    Guest - JR Lee - Commented on MPC approves plan for new Walm... in Joomla Article
    Great, another complex to attract Savannah's finest entitlement minded individuals. Another complex ...
    Guest - Jack - Commented on Aug. 23 - Phelps on Politics -... in Joomla Article
    "Goose that laid the golden EYE? You're right, that is hard to argue with.
    Guest - Robin Sherman - Commented on Jan. 4 – COMMENTARY: New Year... in Joomla Article
    Excellent post, Ms. Phelps. Effective government can only occur when the public is informed. Transpa...
    Guest - Tao of Me - Commented on Why is Memorial Hospital Being... in Joomla Article
    They aren't telling Memorial employees anything about this. A recent survey of the facilities by Nic...
    Guest - Genie Brazzeal - Commented on Feb. 24 – Lawyer and former Al... in Joomla Article
    Thank you, Mr. Bordeaux! Bring some honesty to this court. No more winking like I experienced.
    Guest - Karl - Commented on Feb. 25 - Memorial Hospital’s ... in Joomla Article
    Good article. Has a lot of information that is very difficult for "team members"(employees) to find....
    Guest - Susan Worthington - Commented on May 13 – UPDATED 11:39 a.m. HC... in Joomla Article
    In 1953 there was not such a thing as a trauma or neonatal program. The need for Neonatal Services ...
    Guest - Linda Dominy - Commented on June 8 – EDITORIAL: Immediate ... in Joomla Article
    As a clinical team member this makes me sad and it would never happen. We can argue politics all day...
    Guest - Judy - Commented on Savannah’s Title Max Bankruptc... in Joomla Article
    How Tracy Young was allowed to file for bankruptcy or chapter 11 is amazing. Title Max should be ch...
    Guest - Samantha Claar - Commented on Aug. 7 - COMMENTARY: Je suis “... in Joomla Article
    Pertinent questions that deserve real answers. If upper management - appointed and elected - can't ...
    Guest - Ken - Commented on Aug. 6 - Dept. of Labor propos... in Joomla Article
    Is this state or federal?
    Coastal Empire News
    Headquarters: 35 Barnard St., Suite 300, Savannah, GA. 31401.
    Tel: 912-388-4692 | Hours: 8:30 a.m. to 5:00 p.m.