HFF ARRANGES SALE, FINANCING FOR STUDENT HOUSING COMMUNITY IN KENNESAW
KENNESAW, GA. — HFF has closed the sale of West 22, a 245-unit, 850-bed student housing community serving Kennesaw State University students in Kennesaw, a northern suburb of Atlanta. HFF also arranged acquisition financing for the buyer, Austin, Texas-based Campus Advantage. West 22 is located at 3615 Cherokee St., approximately 1.7 miles from the campus and less than one mile from Interstate 75 northwest of downtown Atlanta. Completed in 2013, the property includes a mixture of cottages, manor houses and flats averaging 1,356 square feet each. West 22's amenities include a two-story fitness center, clubhouse, resort-style pool, amphitheater, sports and recreation field, half-mile fitness trail, sand volleyball court, basketball court, study rooms, Internet café and shuttle service to and from campus. The property is 98 percent leased for the 2013/2014 academic year. Troy Manson and Brian Kelly of HFF represented the seller, a joint venture between South City Partners and The Carlyle Group, in the transaction. Adam Herrin, Eric Tupler and Gregg Shapiro of HFF secured the 10-year, fixed-rate acquisition loan through M&T Bank.