Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of The Hamptons Statesboro, a 237-unit, 668-bed student housing asset in Statesboro, Georgia.
“Located in what was once considered one of the most overserved student housing markets in the country, over the past few years Statesboro has since become the exact opposite,” said Marcus & Millichap’s Patrick Mullowney. “Georgia Southern’s freshman enrollment for the 2020 school year was the largest freshman class ever recorded at the university and was a whopping 42% increase from the 2019 freshman class. The Hamptons Statesboro has had strong historical occupancy since its existence and over the past several years has seen significant rental growth.” Mullowney and Joel Dumes represented the seller, IMS Development, located in Alabama and procured the buyer, Utah-based Redstone Capital Partners. “Demand for extra living space accelerated during the pandemic and cottage-style housing increased in popularity as it provides tenants with the space they need and also supports social interaction,” noted Dumes. John Leonard, first vice president and regional manager is Marcus & Millichap’s broker of record in Georgia.
The Hamptons Statesboro is adjacent to Georgia Southern University, which has a $1.04 billion economic impact on the local economy. Built in 2015 on 24 acres, the 71-building property has a mix of cottages and garden-style complexes. Units have nine-foot ceilings, private bathrooms, in-unit washer/dryers, and Wi-Fi. The average unit size is 1,410 square feet.
Community amenities include a 10,000-square-foot clubhouse with a 24-hour fitness center, tanning beds, a resort-style saltwater pool with a lazy river and spa, sand volleyball court, firepits, and walking trails.