Newmark Facilitates Sale and Financing of Premier Student Housing Asset Near University of Georgia

March 14, 2024 11:00 AM

Newmark announces it has arranged the sale and financing of The William, a 164-unit, 370-bed student housing asset located in Athens, Georgia, serving the esteemed University of Georgia (UGA).

Newmark Vice Chairman and head of the company’s Student Housing group Ryan Lang, Managing Director Jack Brett and Director Ben Harkrider, in cooperation with Vice Chairman Bert Sanders, represented the sellers, WFI and The Davis Companies. Executive Managing Director Ben Roelke, Senior Managing Director Ian Walker and Director Trent Houchin arranged the acquisition financing on behalf of the buyers, University Partners and KKR.

Built in 2022, The William boasts over 95% occupancy, with ground floor retail fully leased to Happy Lemon Boba Tea, Southern Brewing Co. and Athens B.B.Q. Chicken. Modern in-unit amenities allow for 100% bed-to-bath parity and include granite countertops, in-unit washers and dryers, TVs and terrace balconies in select units.

“The William execution provides excellent insight into the continued strength of the student housing market, demonstrating that high-quality product in primary markets drives outsized process tension and investment interest,” said Lang.

Tailored to promote active living among students, The William offers residents Class A amenities to fulfill their academic, fitness and entertainment needs. Among its standout features are collaborative study rooms on every floor, a 24-hour state-of-the-art fitness center, a covered parking garage and a private outdoor courtyard with seating. The property further distinguishes itself with an array of rooftop amenities, including a pool and an oasis lounge with fire pits.

“We continue to see elevated buyer demand for student housing relative to other asset classes,” said Roelke. “That appetite is supported by increasingly aggressive debt options. This transaction was a perfect example of how the combination of a high-quality property with best-in-class sponsorship produces a very competitive debt marketplace and a unique bank execution with low fixed rate and desirable flexibility.”

Located at 230 N Finley Street, The William is strategically positioned just 0.2 miles from the UGA campus and within steps of Downtown Athens, offering unparalleled convenience and immersing residents in the heart of the ultimate UGA lifestyle. The asset enjoys proximity to numerous entertainment venues, restaurants and historic buildings, further enriching the off-campus living experience.

With UGA experiencing significant enrollment growth, surpassing 40,000 students for the 2023-2024 academic year, and approximately 73.5% of its students requiring off-campus housing, The William is well-positioned to meet strong demand in the market.

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 ending December 31, 2023, Newmark generated revenues of approximately $2.5 billion. Newmark’s company-owned offices, together with its business partners, operated from approximately 170 offices with 7,400 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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