Baltimore, MD – ABR Capital Partners (ABR) and New Jersey-based Eastman Residential announce the acquisition of a 536-bed, 200-unit student housing community in Statesboro, Georgia, and their plans to convert the property to an upscale apartment community known as The Grand at Market District. ABR Chesapeake Fund VI, a value-add real estate fund sponsored by ABR, invested $7 million in the joint venture. Chris Epp and Craig Miller from Walker & Dunlop’s Student Housing office represented the seller. Bethesda-based Sapphire Capital Group arranged the financing for the transaction.
“Statesboro is a vibrant, growing market. Given the current demand drivers and tight housing market, we believe Lakeview will be well received by the community,” commented Zach Schofel of Eastman. The property is well-located in the Market District, a premier shopping and dining destination in the heart of Statesboro. Lakeview is adjacent to the East Georgia Regional Medical Center and approximately one-mile drive from Georgia Southern University.
Built in 2010, Lakeview at Market District Apartments offer two and three-bedroom units with large, open floorplans and luxury features such as walk-in bedroom closets, vinyl plank flooring in the kitchens and living rooms, and full-size washers and dryers. Community amenities include a resort-style pool, lake with boardwalk and dock, clubhouse, cyber lounge, fitness center, and outdoor grills and fire pit. The joint venture will implement a hands-on management approach and a $1.5 million property improvement program that focuses on select unit and project amenities upgrades, as well as modest deferred maintenance.
“We are excited to be working with Eastman,” said Tom Burton, Senior Managing Director and CIO of ABR. “They have a seasoned team with expertise in this type of value-add conversion. The asset should generate strong returns for our investors,” added Burton. The acquisition represents the first joint venture between ABR and Eastman.
ABR Capital Partners (ABR) is a Baltimore-based real estate investment manager with a proven fifty-year track record, unconstrained access to the broadest opportunities in the middle market, and deep, long-standing relationships with leading real estate operators across the United States. ABR specializes in value-add, opportunistic, and core-plus investments in the middle market, and takes a focused yet flexible approach regarding market, property type, and capital structure, with a goal of maximizing risk-adjusted returns at the asset and portfolio level. Since the inception of the firm, ABR has acquired over $4.5 billion of assets, representing over 400 transactions, and six firm-sponsored real estate funds. For more information visit abrcapital.com.
Eastman Residential is the residential arm of Eastman Companies. Eastman Companies was founded in 1978 and presently owns, manages or has developed more than 8 million square feet of office, retail, industrial, student housing and multifamily properties. Eastman Residential, based in Livingston, NJ, was formed in 2020 to focus on acquiring and developing well-located multifamily and student housing communities in markets with robust economic drivers and future growth potential. For more information visit eastmancompanies.com.
Contact:
Thomas R. Burton
ABR Capital Partners
(410) 547-3009
tom.burton@abrealty.com
