Lee & Associates Arranges Partnership Formation for Kennesaw State Student Housing – Mixed-Use Project
Torrance, CA – June 12, 2012 – (RealEstateRama) — Lee & Associates, one of the largest broker-owned commercial real estate firms in the country, closes on a student housing site for Kennesaw State University in Kennesaw, Ga. The terms of the deal were not disclosed.
The private sector, off-campus student housing site is 1.2 miles north of the campus at Kennesaw State, the fastest growing campus unit of the University of Georgia System. Bruce A. Davis of Lee and Associates Atlanta, arranged a partnership formation for “The Sanctuary at Kennesaw”, an 850-bed, 245-unit multifamily property which also has a 40,000-square-foot retail component. The mixed-use project will be located just off the Wade Green exit off I-75, the north corridor entrance to campus that also leads to old downtown Kennesaw.
“The City of Kennesaw has embraced the 25,000 Kennesaw State students as important citizens, but it didn’t necessarily want college bars to personify its family-oriented, historic downtown area, so it established a designated “Entertainment District” along the Cherokee Street corridor,” said Davis. “This project has significant frontage in the District, so its retail component should open with a collection of vibrant tenants that will enjoy both local traffic as well as immediate patronage and life with a day-one population of 850 students.”
The city has directed restaurant/bar and other retail inquiries to developer South City Partners, LLC, which expects both the retail and the apartment components to be fully occupied and a tremendous success when it opens for the Fall semester 2013.
“We have been able to secure some incredible opportunities for the clients we represent. As the market continues to experience a resurgence of activity and opportunity, we anticipate a wider range of solutions to become available to our clients and customers,” said T. Richard Bryant, president of Lee & Associates Atlanta. “We are fortunate to have experienced real estate leaders, such as Bruce on our team who diligently work for our client’s best interests.”
Mr. Davis has been licensed in the state of Georgia since 1979 and specializes in the brokerage of income and investment properties, predevelopment of land for high density and mixed-use sites, and the placing of institutional and private equity funds.
About Lee & Associates
Celebrating more than 33 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the nation, with 46 locations across the nation including Arizona, California, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Michigan, Missouri, Nevada, New Jersey, New York, South Carolina, Texas and Wisconsin. With a roster of nearly 700 expert brokers, Lee & Associates provides a wide range of specialized commercial real estate services. Additional information is available at www.lee-associates.com.
