Athens, Ga. — RREEF Property Trust Inc. has acquired The Flats at Carrs Hill, a Class A 138-unit, 316-bed student housing community located within walking distance of the University of Georgia, for $27 million.
The fully leased property offers an amenity package including a full-size, indoor basketball court, multiple lounges, resort-style pool, 24-hour fitness center and on-site parking. The property is located less than a quarter-mile from the University of Georgia campus and less than one mile from Sanford football stadium.
The university recently approved an expansion of the North Oconee River Greenway trail, a 3.65-mile walking and biking path that will provide residents direct pedestrian access to additional parts of campus.
Travis Prince, managing director with Tampa, Florida-based Colliers International Student Housing, brokered the transaction. “A newer asset in a pedestrian location at a major SEC school attracts a lot of interest,” Prince told SHB. “RREEF was excited about the quality and location of the asset and recognized some opportunity to add value early in the hold period. They were a great buyer, going from price agreement to closing inside of 40 days.”