A partnership between Atlanta developer Seven Oaks Co. and The Brookdale Group LLC has sold nearly 1.5 acres in Midtown to become a student housing development.
Inland American Communities Group Inc. and Ambling University Development Group affiliates bought 1.44 acres at 930 Spring Street in downtown Atlanta for $7.8 million.
The companies are building the 706-bed University House, a mixed-use student housing project anchored by a 20-story building that will feature 268 units.
It’s Ambling’s second intown tower.
The Valdosta, Ga.-based company is already redeveloping an abandoned downtown hotel on Courtland Street into a mid-rise student housing project. It’s also building an 18-story student housing tower on an adjacent site.
Its new Midtown project is closer to Technology Square, a mixed-use development serving Georgia Tech students that includes academic buildings, Starbucks and Barnes & Noble. It is intertwined with its sister project, Centergy One, home to Tech’s Advanced Technology Development Center, an incubator for startup companies.
Seven Oaks and Brookdale Group have controlled several acres along Spring Street, believing that Georgia Tech would spur more development.
It has.
Ambling execs say students from intown Atlanta schools are fueling demand for new and affordable off-campus housing. Its first project on Courtland was initially focused on serving Georgia State University. But Ambling executives said they saw so much interest from Georgia Tech students the company began considering the second tower…
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