The U.S. Cities Multifamily Strategy acquired 14 SixtyFive, Class A student housing property located in Kennesaw, GA. The Property, a 214 bed, mid-rise, student housing building is located 1-mile north of Kennesaw State University. Kennesaw is also home to the state’s largest Educational Technology Training Center, where teachers and other school personnel from around the state attend for professional development.
Kennesaw State University is a target university with over 42,000 students and approximately 5,200 on-campus beds. There are currently no student housing developments under construction or in the pipeline for the next 3 years. According to Axiometrics, since 2010, Kennesaw’s private student housing market has averaged 96% occupancy with 3.5% annual effective rent growth.
14 SixtyFive provides access to nearby retail and entertainment. Kroger and Publix along with various other restaurants and stores including Walgreens, Bojangles, and Starbucks are within 1-mile. The Property is on Shiloh Road off I-75, which connects students directly to the heart of Atlanta in just 30 minutes, by vehicle.
14 SixtyFive will represent the strategy’s first student housing acquisition, which provides an attractive NOI yield and supports our objectives to provide long-term durable cashflow to investors.