A joint venture organized by Alex. Brown Realty (ABR) and Atlanta-based owner-operator Student Quarters has acquired Riverfront Village, a 440-bed student housing property near the University of Alabama in Tuscaloosa, Ala. ABR Chesapeake Fund VI, a value-add real estate fund sponsored by ABR, invested $7.4 million in the joint venture. Randall Calvert of TSB Realty represented the seller in the transaction.
The 192-unit property was built in 2014 and offers one-, two- and three-bedroom floorplans, all with bed-to-bath parity. Shared amenities include a resort-style pool, a two-story fitness facility, covered garage parking, computer labs, and study rooms. All units are fully furnished with private balconies, gourmet kitchens, hardwood-style flooring and walk-in tiled showers.
“We are thrilled to once again own student housing in Tuscaloosa,” said Andrew Layton, chief acquisition officer for Student Quarters. “The University of Alabama is truly one of the cornerst
