April 6, 2023 | Baltimore, MD – ABR Capital Partners (ABR) and Student Quarters announce the sale of University Flats, a 92-bed student housing community located in Birmingham, Alabama to Southside Apartment Partners, LLC, an entity sponsored by Highland Real Estate Capital. Birmingham-based Newmark Multifamily brokered the transaction.
The joint venture purchased University Flats in 2019. Originally developed in 2014 as a condominium community with 60 large units and attractive finishes, University Flats was later converted to a student housing community. “Due to the strong demand for conventional multifamily properties in Birmingham, we marketed the property for sale as a conventional multifamily conversion project,” said Andy Feinour, President and CEO of Student Quarters.
“We are pleased that the asset provided a flexible exit strategy which expanded the pool of potential buyers,” said Tom Burton, ABR Senior Managing Director and Chief Investment Officer.
About ABR Capital Partners (ABR)
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.
About Student Quarters
Student Quarters is an Atlanta-based, vertically integrated owner and operator of purpose-built student housing assets. Founded in 2013, Student Quarters targets assets in major university markets across the US with attractive demographic trends. Through its data-driven acquisition strategy, SQ currently owns and operates a $1.1B portfolio of 32 properties and over 11,000 beds across 21 top-tier universities. For more information, visit livesq.com.