ATLANTA – Transwestern Real Estate Services (TRS) announces its National Student Housing team has brokered the disposition of The Hill, a 258-bed student housing community at 3528 Gentian Blvd. in Columbus, Georgia. Senior Managing Directors Mike McGaughy and Jon Kleinberg represented special servicer Rialto Capital in the sale to Kahuna Investments for $7.08 million, or $27,471 per bed.
“Specializing in both conventional and student housing sales enabled us to generate a great deal of interest in the distressed asset’s value-add fundamentals,” said McGaughy. “Despite high occupancy, the property’s NOI was low due to greater-than-typical operational costs, providing investors with opportunities to employ cost reduction strategies and grow revenue.”
The Hill is a 10-building, 104-unit student housing community one block from Columbus State University (CSU) and serving Columbus Technical College and Georgia Military College students. With fully furnished modern living spaces, The Hill benefits from thoughtful design and 83% bedroom/bathroom parity. The property offers attractive community amenities, including a saltwater pool, fitness center, computer lab, basketball court, dog park, hammock park, firepit, and shuttle service to CSU and surrounding retail.
“Kahuna Investments is experienced at unlocking value through smart acquisitions,” said Kleinberg. “Combining The Hill with an adjacent property will allow them to achieve operational efficiencies and enhance the living experience for students.”
An image of the property is available for download here.
About Transwestern Real Estate Services
Part of the Transwestern companies, Transwestern Real Estate Services (TRS) strives to add value for investors, owners, and occupiers across all commercial property types. Fueled by a holistic perspective of the real estate life cycle, agility and creativity are hallmarks of our approach, while vast national resources and sound market intelligence underpin customized recommendations and property solutions.
Five dynamic, integrated companies make up the Transwestern enterprise, giving us the perspective to think broadly, deeply and creatively about commercial real estate. Clients and investors rely on us for expertise that spans institutional and opportunistic investment, development, hospitality, and brokerage and asset services. Our award-winning, collaborative culture empowers team members with resources and independence to work across boundaries in pursuit of innovative solutions, reinforcing a reputation for service excellence that translates to measurable results. Through offices nationwide and alliance partners around the globe, we positively impact the built environment and our communities while fostering a work climate that champions career vitality for all. Learn more at transwestern.com and @Transwestern.
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