PAOLI, PA — TSB Realty announced today the sale of Bixby Kennesaw, a 179-unit, 656-bed student housing community located near Kennesaw State University in Kennesaw, Georgia. Gilbane Development Company sold the property to an undisclosed joint venture partnership.
TSB Capital Advisors helped arrange the acquisition financing for the undisclosed buyer.
“Once it was delivered last year, Bixby immediately became the premier purpose-built asset in the Kennesaw market,” said Timothy S. Bradley, a principal with TSB Realty and the founder of TSB Capital Advisors. “This property is a testament to Gilbane’s stellar track record of developing top-tier student housing.”
Located just east of the Kennesaw State University campus and adjacent to Fifth Third Bank Stadium, Bixby offers a mix of studio, one-, two-, three-, four-, and five-bedroom floor plans. Community amenities include a heated saltwater swimming pool, outside courtyard with fire pits, 24-hour fitness center and a rooftop terrace lounge overlooking the football stadium. The property is 100% occupied for the 2021 academic year.
“We are very pleased to have worked successfully with TSB to complete the sale of Bixby Kennesaw,” said Andrew Ang, Development Director with Gilbane Development Company. “The strong performance of this asset and its exceptional location position the property for future success and will allow Gilbane to continue our focus on strategic multifamily and student housing development across the country.”
Gilbane Development Company delivers an integrated living-learning experience with more than 16,000 beds completed or under development. As both builder and developer, Gilbane has $10.7 billion of experience serving over 120 colleges and universities.
TSB Realty, an affiliate company of TSB Capital Advisors, is a full-service, national investment sales firm specializing in the valuation and disposition of student housing communities and conventional multifamily communities. Since inception in 2014, the Paoli, Pennsylvania-based firm has closed more than $5 billion in student housing sales for a diverse client base, encompassing more than 46,000 beds from tier 1 markets to tertiary markets.