Pierce Education Properties (PEP) today announces the purchase of 100 Midtown - a premier off- campus student housing community serving Georgia Institute of Technology and Georgia State University students – for $28,000,000. The acquisition was completed on December 9, 2014. Debt financing of $14,372,000 was provided by KeyBank.
100 Midtown is a 330-bed, 118-unit community located across from the Georgia Tech campus in the heart of midtown Atlanta. This fully-furnished community features two- and four-bedroom units, each equipped with modern appliances and private washers and dryers in the units. PEP will be adding large, flat screen TVs in every unit. Property amenities include a 24-hour state-of-the-art fitness center, movie theatre, computer lab, video gaming room, conference room, and study rooms. 100 Midtown is also home to a very popular local Chinese restaurant on-site – Chinese Buddha.
Georgia Tech’s Yellow Jackets compete in the NCAA Division I Atlantic Coast Conference. The university’s undergraduate and graduate programs are among the nation’s most respected and innovative, and U.S News and World Report consistently ranks the H. Milton Stewart School of Industrial & Systems Engineering (ISyE) as the top industrial engineering program of its kind in the nation. Georgia Tech continues to gain the attention of the academic world, as well as popularity amongst future college students, as its annual enrollment continues to grow. Georgia Tech’s total enrollment is 31,528, and has 7,570 beds on-campus.
“100 Midtown is one of five student apartment communities acquisitioned by PEP during 2014 adding approximately 2,800 new beds to our portfolio. We are among the most active national buyers in the market and are seeking to invest another $400 million through acquisitions in the student housing sector over the next 24 months including core, core-plus and value-added opportunities,” PEP President and CEO Fred Pierce said.