Newmark Arranges Sale of 247 Unit High Rise Student Housing Asset near Georgia State University

July 15, 2024 10:00 AM

Newmark announces it has facilitated the sale of Reflection, a state-of-the-art high-rise student housing community located in the heart of Midtown Atlanta, walking distance from Georgia State University's (GSU) campus.

Newmark Vice Chairman and Head of the firm's Student Housing group Ryan Lang, Managing Director Jack Brett and Director Ben Harkrider, in cooperation with Vice Chairman Bert Sanders, represented the sellers, Atlantic Capital Properties and ELV Associates. The buyers were The Scion Group and Brookfield Asset Management.

Designed with the tenant in mind, Reflection includes a full suite of Class A amenities designed to accommodate an active student lifestyle. The property boasts a temperature-controlled salt-water pool with in-water tanning loungers, a 9x16' jumbotron screen on an elevated deck, outdoor lawn and grilling area, access to high-quality fitness equipment, modern study and conference space, as well as designated entertainment rooms including gaming systems and table games. The building also offers tenants best-in-class in-unit amenities including 100% bed-to-bath parity, designer furniture package, stainless steel appliances, and in-unit washers and dryers.

"We are continuing to see increased demand for student housing across the country, with Reflection serving as a stand-out example of how best-in-class, high-rise construction is garnering significant investment interest across the capital spectrum," said Lang.

Located at 111 John Wesley Dobbs Ave NE, the property spans 293,299 square feet, with 247 units and 741 beds strategically located 0.09 miles from the GSU campus. The asset offers prime access to an abundance of local retail offerings, with two ground-floor retail spaces fully occupied by two high-quality tenants, Center Parc Credit Union and Mochinut. Built in 2022, Reflection was 99.6% occupied at the time of the sale, higher than GSU submarket which had 98.2% occupation between 2023-2024.

GSU has experienced unprecedented enrollment growth, with the university welcoming the second-largest incoming class in its history during the fall of 2022. The university is expected to continue this upward trajectory of enrollment and increase by an average of 1.1% each year for the next four years, positioning Reflection for strong upcoming leasing activity.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ended December 31, 2023, Newmark generated revenues of approximately $2.5 billion. As of March 31, 2024, Newmark's company-owned offices, together with its business partners, operate from approximately 170 offices with 7,600 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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