Transwestern Real Estate Services’ National Student Housing team has brokered the disposition of The Hill, a 258-bed student housing community at 3528 Gentian Blvd. in Columbus, Georgia. Senior Managing Directors Mike McGaughy and Jon Kleinberg represented special servicer Rialto Capital in the sale to Kahuna Investments for $7.08 million, or $27,471 per bed.
“Specializing in both conventional and student housing sales enabled us to generate a great deal of interest in the distressed asset’s value-add fundamentals,” said McGaughy. “Despite high occupancy, the property’s NOI was low due to greater-than-typical operational costs, providing investors with opportunities to employ cost reduction strategies and grow revenue.”
The Hill is a 10-building, 104-unit student housing community one block from Columbus State University (CSU) and serving Columbus Technical College and Georgia Military College students. With fully furnished modern living spaces, The Hill benefits from thoughtful design and 83% bedroom/bathroom parity. The property offers attractive community amenities, including a saltwater pool, fitness center, computer lab, basketball court, dog park, hammock park, firepit, and shuttle service to CSU and surrounding retail.
“Kahuna Investments is experienced at unlocking value through smart acquisitions,” said Kleinberg. “Combining The Hill with an adjacent property will allow them to achieve operational efficiencies and enhance the living experience for students.”
