Redstone bought a college dorm in Georgia

Georgia Southern University achieved a 98 percent pre-registration rate for the semester.

Redstone Capital Partners acquired The Hamptons Statesboro, a 668-bed student housing community at Georgia Southern University in Statesboro, Georgia. Marcus & Millichap represents the seller, IMS Development, and acts as a broker for the buyer.

Yardi Matrix data shows that the district was fully leased at the start of the 2021-2022 school year.

IMS Development secured a $33.5 million, 10-year loan for the property in October 2016. The funding, funded by JPMorgan, comes a year after the developers completed the work. community building.

Hampton Inn Statesboro consists of 71 two- and three-story buildings on 65 acres. This 237-unit community offers one- to five-bedroom apartments ranging in size from 664 square feet to 2,062 square feet. Facilities include a fitness center, business center, swimming pool, volleyball court and approximately 350 parking spaces.

This hotel is located at 350 Rucker Lane, less than 1 mile from the University of South Georgia campus and 3 miles from downtown Statesboro. Charles H. Hurty Pines Nature Reserve and W. Jones Lane Memorial Park are just a short walk from the community.

Despite the initial uncertainties caused by the pandemic, the student housing market is showing resilience, with 2021 figures surpassing 2019 figures.

According to a recent Yardi Matrix webinar, the South Georgia University market had the highest rents in August, with 98% of dormitories occupied. Additionally, the market has an average retail price of $86,500 for one bedroom, well above the median retail price of $71,000 at major college centers.