Austin, Texas — CollegeTown plans to replicate this small-footprint, mixed-use design in other markets in the Southeast.
Athens, Ga. — Athens-based developer and student housing operator CollegeTown Properties has developed and brokered the sale of its new 56-bed in-fill, mixed-use community concept called Courtyard South. The community opened for residents in August. TWA Enterprises purchased the property at completion for approximately $4.3 million. The community sits on 1.9 acres approximately 1.5 miles from the University of Georgia campus.
CollegeTown's development concept clusters detached cottage-style homes, apartments and lofts over 4,000 square feet of retail. The company says the layout promotes higher density while maintaining the privacy of individual homes. The residential component was pre-leased 100 percent prior to opening.
"We're very excited to introduce a smaller footprint model to the industry," says Chase Lawrence, principal of CollegeTown Properties. "We anticipate this new community concept to thrive in multiple new markets and capture a strong foothold in markets that would otherwise appear saturated by larger developments. Its smaller size and exclusivity give it an edge over more homogenous complexes, without sacrificing features or location. We're placing more emphasis on interior features where students truly spend their time."
Plans are underway for development of Courtyard on Calhoun at Clemson University, set to open August 2014.