Joint Venture Acquires 440-Bed Community Near the University of Alabama

Tuscaloosa, Ala. — A joint venture between Alex. Brown Realty and Student Quarters has acquired Riverfront Village, a 440-bed student housing property located near the University of Alabama campus in Tuscaloosa. The 192-unit community was built in 2014 and offers a mix of one-, two- and three-bedroom floorplans with bed-to-bath parity. Shared amenities include a resort-style swimming pool, two-story fitness facility, covered garage parking, computer labs and study rooms. 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 undisclosed seller in the transaction.