Student Housing: Construction to Start on $45M Off-Campus Student Housing Project at Kennesaw State

Hidden Forest Redevelopment has sold a 5.9-acre site on Big Shanty Road directly across the street from Kennesaw State University’s new sports complex to Birmingham-based Capstone Companies for $6.8 million.

Carter’s Rob Adamson represented the seller in this transaction.

Vertical construction of a student housing development is scheduled to begin on the property immediately. The $45 million project is projected to be completed by mid-summer 2012 and ready for student occupancy by fall 2012.

The off-campus student housing facility will be two buildings comprised of 217 units and 804 beds. The project will also include a pool, breezeways and a connected five-story parking deck. This new facility will provide an off-campus alternative for students with direct access to the sports complex which currently includes the main stadium for the university’s soccer events, practice facility fields and home for Atlanta’s professional women’s soccer team, Atlanta Beat.

Another large component of the project is the 20,000 square feet of ground retail. Approximately 8,000 square feet of the retail has already been preleased to McCray’s Tavern and Blue Moon Pizza. Carter’s Jack Arnold is assisting Adamson and will be heading up the project’s leasing and development management. He is actively working to secure preleases for the remaining 12,000 square feet of space.

“This project offers a glimpse of the demand for student housing at Kennesaw State and also underscores the willingness of private equity and lenders to fund these types of projects,” said Adamson. “We are very excited about this development that will serve as a community where students can live, study and play.”

[atlantarealestate.citybizlist.com]

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