ATLANTA - Franklin Street has arranged the sale of Ponce Student Suites, a 50-unit student housing facility located in the heart of Atlanta’s Beltline district.  Jake Reid and Roger Schoerner with Franklin Street’s Atlanta multifamily investment sales team represented the seller, Nazar Holdings, LLC, a local private investor, in the transaction. The purchase price was not disclosed. The locally-based private buyer plans to eventually renovate Ponce Student Suites. In 2014, the property had been converted from a dilapidated 1930s-era hotel into modern student housing at 551 Ponce De Leon Avenue.  

“The strong level of interest we received in the building reflects the robust desire Investors have for multifamily product along the Ponce corridor and near the Atlanta Beltline,” said Reid, senior director of multifamily investment sales for Franklin Street.  “The new owner recognizes the multitude of opportunities for an iconic property in one of Atlanta’s most desirable locations.” 

The Ponce Student Suites are located on Ponce De Leon Avenue adjacent to major economic catalysts including to the Atlanta Beltline and Ponce City Market.  The property is ideally positioned on a major thoroughfare between Midtown and Old Fourth Ward, two of Atlanta’s strongest residential markets.  

Ponce Student Suites is situated within a few miles of the campuses of over 80,000 college students including Georgia State University, Emory University, Atlanta University Center, and Georgia Institute of Technology (Georgia Tech).  Along with being located along a public transit route, the property is within walking distance to top level shopping, restaurants and over one million square feet of existing and planned Class A office space.