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STATESBORO, GA. — Charlotte, N.C.-based CampusWorks and Raleigh, N.C.-based The Preiss Co. have purchased the 200-unit Varsity Apartments, located at 111 Rucker Ln. #40 in Statesboro, from a Jacksonville, Fla.-based private group for $3.25 million. The property will be razed for the development of a $27 million, 692-bed student housing facility. The development is located across from Georgia Southern University. Construction will begin in spring 2012, with completion slated for fall 2013. Amenities will include an indoor basketball court and a resort-style swimming pool. Hilton Head, S.C.-based Coastal Apartment Advisors represented the seller in the transaction.

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