BIRMINGHAM, AL – A new partnership has emerged! Pumphouse Residential Group, WeldenField Development, and SPM recently acquired a student housing portfolio that includes two properties near the University of Georgia (UGA) and Louisiana State University (LSU). This portfolio features The Lodge of Athens, which offers 240 units, and Wildwood Baton Rouge, with 204 units. In total, they provide 1,188 beds for students.
This collaboration blends expertise in acquisition and investment from Pumphouse and WeldenField with SPM’s skills in student housing management. SPM will oversee property management and planned renovations at these sites. The sale was facilitated by Institutional Property Advisors (IPA), part of Marcus & Millichap (NYSE: MMI).
The acquisition underscores the vital role of management expertise in the competitive student housing landscape. The team’s track record in handling complex transactions helped seal the deal.
“This partnership combines investment know-how with operational brilliance,” said Anthony Alsup, managing partner at Pumphouse. He emphasizes the importance of targeting well-situated assets where operational excellence can significantly enhance value. The success of their acquisition strategy hinges on SPM’s proficiency in managing student housing.
The Lodge of Athens, built in 2003, is just 0.8 miles from UGA. It boasts recently renovated facilities, including a gated community, modern clubhouse, upgraded fitness center, and private shuttle to campus. Pet-friendly options are available, featuring a dog park, volleyball and basketball courts, and relaxing areas with grills and hammocks. Currently, it holds an impressive 95% occupancy rate, showing strong demand in Athens.
Meanwhile, Wildwood Baton Rouge, built in 2016, is located 1.4 miles from LSU. It offers numerous amenities, including a pool with cabanas, an outdoor gym, a cyber café, and study spaces open 24/7. The apartments are fully furnished and come equipped with smart TVs and full kitchens. Occupancy here is even higher, at 98%, indicating a solid student housing market in Baton Rouge.
SPM isn’t new to this scene. They manage over 200 multifamily communities across 13 states and have a dedicated team with deep expertise in student housing. Altogether, their leadership brings more than 65 years of experience managing over $6 billion in student housing.
“Managing student housing requires specialized skills beyond standard multifamily management,” noted Mitchell Smith, SPM’s executive vice president. His team’s extensive background and tech-savvy approach make them well-suited to maximize the potential of these properties.
With these new acquisitions, SPM now manages five student housing properties, building on their success at HELiX Starkville (now Philo Starkville Student Apartments). Their focus on operational improvement should enhance resident satisfaction in the future.
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