Singapore-based Ascott Residence Trust (ART) will foray into the student accommodation asset class with its first acquisition in the United States for $95 million.
The purpose-built student accommodation asset, Signature West Midtown, is a freehold property with 525 beds across 183 units located in the heart of Atlanta. The transaction is expected to be completed by end of first quarter 2021. In conjunction with the acquisition, ART will expand its investment mandate to include student accommodation. The accretive acquisition will increase the pro forma fiscal year 2020 Distribution per Stapled Security (DPS) by approximately 4.4 percent.
Completed in 2019, Signature West Midtown is the newest student accommodation in the West Midtown area. Located at 800 Marietta Street NW, Signature West Midtown is a freehold purpose-built student accommodation that consists of 525 beds across 183 apartment units. Signature West Midtown offers fully furnished studio as well as one- t
