VALDOSTA, GA—In its eighth acquisition of a student housing property, Innovative Student Housing has teamed up with Harrison Street Real Estate Capital to buy College Station at Valdosta here. The class A community sits at 1400 Baytree Dr., less than a mile from Valdosta State University, an institution with an enrollment of about 12,000.
Though this acquisition marked Innovative's entry into the Georgia market, the company wasn't unfamiliar with the property—it had taken over the management of the community in March and got a feel for it prior to the purchase. “By implementing our Best Practice management platform we were able to realize immediate results for our partners,” commented Innovative COO David Neef.
It was during the takeover that the firm rebranded the asset as the Gates at Valdosta and launched a new website for the property. Further cosmetic changes are planned. Further details of the acquisition, including the purchase price, were not disclosed, but the deal includes an option to build another phase of more than 500 beds that could be delivered as soon as 2015. The property currently includes units of two to three bedrooms, a community swimming pool, alarm systems in each unit, satellite television and landscaped grounds.
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