Berkadia represented the sellers and secured a bridge loan from Basis Investment Group, on behalf of the buyer.
Artemis Real Estate Partners and Preiss Co. have sold 111 South, a 709-bed student housing community in Statesboro, Ga. Berkadia represented the sellers and secured a bridge loan from Basis Investment Group, on behalf of the buyer, Centurion Property Group.
Built in 2013, the asset comprises two-, three-, four-, and five-bedroom units, with private bathrooms and walk-in closets. Common-area amenities include a swimming pool, water volleyball court and fitness center. According to Berkadia, 111 South was more than 96 percent occupied for the 2019 school year.
Located at 111 Rucker Lane, the community is within walking distance of Georgia Southern University. The surrounding area has several dining and retail options, including Statesboro Mall, which is two miles from the property.
Berkadia’s Senior Managing Director Kevin Larimer, Director Greg Gonzalez and Senior Director Judy MacManus assisted the sellers. Senior Managing Director Pete Benedetto and Director Aaron Moll arranged the financing. In December, MacManus was part of a team which represented the seller of two garden-style communities in suburban Atlanta. The assets traded for a total of $40.7 million.