March 17, 2021 9:00 AM
Newmark announces the $95 million sale of Signature West Midtown at 800 Marietta Street NW in Atlanta, Georgia. The 525-bed property, which was completed in 2019, is one of the newest student housing assets to deliver in the West Midtown neighborhood. The property serves the Georgia Institute of Technology (Georgia Tech) and its 40,000 undergraduate and graduate students.
Newmark Vice Chairman Ryan Lang and Associate Director Jack Brett, in cooperation with Vice Chairman Bert Sanders, represented the seller, Investcorp in partnership with Preiss Companies, in the sale to buyer, Ascott Residence Trust (ART). Transaction Manager Ben Harkrider provided crucial support to assist on the transaction. The purchase represents ART’s–the largest hospitality trust in Asia Pacific–first acquisition in the U.S. student housing market. Newmark Director Trent Houchin represented the buyer in the placement of financing for the transaction.
“This transaction is a testament to the fundamental strength of the student industry and furthers foreign capital’s recent leading market share of student housing acquisition activity - the first time overseas capital has made up the largest percentage of transaction volume in the history of the sector,” said Ryan.
Signature West Midtown features studio and one- to five-bedroom units and community amenities include a gym, pool, rooftop lounges and barbeque pits; a business center and study lounges; a game room and delivery lockers.
According to Newmark Research’s analysis of Real Capital Analytics data, direct acquisitions by foreign capital groups represented 46.5% of total student housing acquisition activity in 2020–the highest concentration in RCA’s history of tracking going back to 2005.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2020, Newmark generated revenues in excess of $1.9 billion. To learn more, visit nmrk.com or follow @newmark.
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