Redstone Capital Partners has acquired The Hamptons Statesboro, a 668-bed cottage-style community serving students at Georgia Southern University in Statesboro, Ga. Marcus & Millichap represented the seller, IMS Development, and procured the buyer.
The community was fully leased before the start of the 2021-2022 university year, Yardi Matrix data shows.
IMS Development received a 10-year $33.5 million loan for the property in October 2016. The financing, originated by JPMorgan Chase, came one year after the developers completed the community.
The Hamptons Statesboro encompasses 71 two- and three-story buildings across 24.4 acres. The 237-unit community offers a mix of one- to five-bedroom apartments, with floorplates ranging from 664 to 2,062 square feet. Amenities include a gym, business center, swimming pool, volleyball court and approximately 350 parking spaces. ‘
Located at 350 Rucker Lane, the asset is less than a mile from the Georgia Southern University campus and roughly 3 miles from central Statesboro. Charles H. Herty Pines Nature Preserve and W. Jones Lane Memorial Park are within walking distance of the community.
Despite the initial uncertainty generated by the pandemic, the student housing market proved its resilience, with 2021 preleasing numbers surpassing 2019 figures.
As of August, the Georgia Southern University market registered one of the highest preleasing rates, with 98 percent of student residences occupied, according to a recent Yardi Matrix webinar. Moreover, the average trading price per bedroom reached $86,500 in the market, above the roughly $71,000 average across major university centers.