Baltimore, MD (November 2022) – Alex. Brown Realty (ABR) and Atlanta-based Student Quarters announce the acquisition of a 640-bed/192-unit student housing community located near the University of Louisville. ABR Chesapeake Fund VI, a value-add real estate fund sponsored by ABR, invested $11.5 million in the joint venture. KeyBank provided financing.
The property has been rebranded as Derby Row and will undergo extensive renovations to deliver a luxury community minutes from campus. Derby Row will offer a mix of 2- and 4-bedroom units with ample parking in an adjacent 4-story parking garage. The apartments will include a fully equipped kitchen, stainless steel appliances, designer furniture, a full-size washer and dryer, and private balcony. Derby Row amenities will feature a 24/7 fitness center, yoga room, dog park, and resort-style pool. The renovations are projected to be completed by Fall 2023 for the start of the 2023/2024 academic year.
“The acquisition represents a great opportunity to redevelop and rebrand a well-located but under-performing asset into a vibrant student housing community that will add significant value to the community,” stated Andrew Layton, Chief Acquisition Officer of Student Quarters. “We anticipate that the final product will be well-received in the market,” added Layton.
Derby Row represents the fourth joint venture between ABR and Student Quarters. “Our previous partnerships with Student Quarters have produced positive results for our investors,” said Tom Burton, ABR Senior Managing Director and Chief Investment Officer. “We were pleased when they presented this exciting value-add opportunity and are confident in their ability to execute the business plan.”
Alex. Brown Realty (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 take 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. www.abrealty.com
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 12,000 beds. www.livesq.com