A joint venture organized by Baltimore-based real estate investment manager Alex. Brown Realty Inc. and Atlanta-based owner-operator Student Quarters has acquired Riverfront Village, a 440-bed student housing property near the University of Alabama in Tuscaloosa.
ABR Chesapeake Fund VI, a value-add real estate fund sponsored by ABR, invested $7.4 million in the joint venture. Randall Calvert of TSB Realty represented the seller in the transaction.
The 192-unit property was built in 2014 and offers one-, two- and three-bedroom floorplans, all with bed-to-bath parity. Shared amenities include a resort-style pool, a two-story fitness facility, covered garage parking, computer labs, and study rooms. All units are fully furnished with private balconies, gourmet kitchens, hardwood-style flooring and walk-in tiled showers.
Student Quarters Properties is an Atlanta-based student housing investor and property management firm. Founded in 2013, Student Quarters focuses on the acquisition and repositioning of underperforming assets within walking distance to universities in the Southeast, mid-Atlantic and the Midwest. The company has acquired student housing properties with over $325 million in market value, and currently owns or manages approximately 31 properties in eight states, which comprise a portfolio of more than 8,000 beds.