CapitaLand has secured $42.5 million in financing for Paloma West Midtown, a 525-bed student housing property in Atlanta. PGIM Real Estate originated the loan which matures in 2028, public records show.
According to Yardi Matrix, CapitaLand acquired the 2019-built asset in March from The Preiss Co. for $93.7 million. The asset is the investor’s first student housing acquisition. CapitaLand, one of Asia’s largest diversified real estate groups, purchased the property through Ascott Residence Trust, its wholly owned subsidiary.
The 183-unit student housing asset, located at 800 Marietta St. NW, has a variety of floorplans from 474-square-foot studios to five-bedroom units of up to 2,006 square feet. The pet-friendly community’s amenities include a fitness center, a pool, a game room, a rooftop lounge, a sun deck and study lounges.
The two-building community is on the southwestern side of the Georgia Institute of Technology’s main campus, 2 miles from Georgia State University. Paloma West Midtown is on the edge of the Means Street Historic District, home to a variety of restaurants and shops. The North Avenue Transit MARTA station is approximately 1 mile east of the property.