A joint venture between Baltimore-headquartered Alex. Brown Realty (ABR) 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.
The 192-unit property was built in 2014 and offers one, two and three-bedroom floor plans, 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, kitchens, hardwood-style flooring, and walk-in tiled showers.
Andrew Layton, chief acquisition officer for Student Quarters, said: “We are thrilled to once again own student housing in Tuscaloosa. The University of Alabama is truly one of the cornerstone markets in student housing. Riverfront Village’s location near both the classrooms and the nightlife, as well as its close proximity to the Riverwalk and the Tuscaloosa Amphitheater, provides students unrivalled access to the best that Tuscaloosa has to offer.”
Tom Burton, ABR’s senior managing director and chief information officer, added: “Riverfront Village provides an attractive value-add opportunity with a superior location. We are pleased to be partnering with Student Quarters on this project and are confident in their ability to successfully execute the business plan. We anticipate the asset will generate a strong result for our investors.”
The acquisition is the third transaction between ABR and Student Quarters.
TSB Realty represented the seller in the transaction.
Date published: 14 May 2021