ATLANTA, GA – Franklin Street has arranged the sale of Ponce Student Suites, a 50-unit student housing facility located in the heart of Atlanta’s Beltline district. Jake Reid and Roger Schoerner with Franklin Street’s Atlanta multifamily investment sales team represented the seller, Nazar Holdings, LLC, a local private investor, in the transaction. The purchase price was not disclosed. The locally-based private buyer plans to eventually renovate Ponce Student Suites and reposition it as a boutique hotel. In 2014, the property had been converted from a dilapidated 1930s-era hotel into modern student housing at 551 Ponce De Leon Avenue.
“The elevated purchase price reflects the strong desire Investors have for multifamily product along the Ponce corridor and near the Atlanta Beltline,” said Reid, senior director of multifamily investment sales for Franklin Street. “The new owner recognizes the potential upside from restoring the property back to its original status as an iconic hotel in one of Atlanta’s most desirable locations.”
The Ponce Student Suites are located on Ponce De Leon Avenue adjacent to major economic catalysts including to the Atlanta Beltline and Ponce City Market. The property is ideally positioned on a major thoroughfare between Midtown and Old Fourth Ward, two of Atlanta’s strongest residential markets.
Ponce Student Suites is situated within a few miles of the campuses of over 80,000 college students including Georgia State University, Emory University, Atlanta University Center, and Georgia Institute of Technology (Georgia Tech). Along with being located along a public transit route, the property is within walking distance to top level shopping, restaurants and over one million square feet of existing and planned Class A office space.
About Franklin Street: Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management – Franklin Street offers unmatched value and optimal solutions for clients nationwide.
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