Sandlapper Student Housing, a real estate investment firm and sponsor of student housing Delaware statutory trusts, launched the SL West GA Student Housing DST, an investment program for accredited investors seeking a 1031 exchange property.
The program is acquiring the Haven West Apartments in Carrollton, Georgia, a 160-unit student housing property with 568 bedrooms totaling approximately 216,000 square feet. Built in 2014, the property sits on nearly 18 acres of land, and serves the local student population of the University of West Georgia. It is currently 93.7 percent occupied and is continuing leasing for the up-coming school year. Sandlapper expect the closing to take place in the third quarter of 2016.
With college enrollment reaching near all-time highs, Sandlapper believes there is significant value for investors in the Class A student housing complex because this asset is in an area with current moratoriums on future construction.
“We are excited to add this Class A property to our expanding portfolio,” states Trevor Gordon, founder and chief executive officer of Sandlapper Student Housing. “With growing college populations, student housing continues to prove itself as a viable and valuable investment asset class.”
Sandlapper is raising approximately $12.8 million from accredited investors in the trust, who expect to earn a 5.8 percent annualized return in year one.
The investment will be listed at www.1031rps.com, the 1031 Replacement Property Solutions website recently launched through affiliate Sandlapper Securities, who also serves as the placement agent for the trust.
Sandlapper Student Housing focuses on the acquisition and management of student housing apartment complexes around the country. The firm has acquired and syndicated more than $113 million in student housing properties with more than 860 units and 2,000 beds (upon completion of SL West GA Student Housing DST).