Ackerman & Co. Arranges Sale of Auburn Area Development Assemblage
Poised for luxury off-campus housing development targeting Auburn University students and faculty
Atlanta, May 4, 2017 – Full-service commercial real estate firm Ackerman & Co. has arranged the sale of a 3.40 acre, 13-parcel land assemblage along the northeastern corner of Gay Street and East Glenn Avenue in Downtown Auburn, within walking distance of area landmarks including the Auburn University Campus.
The assemblage, targeted for a six-story residential project with an expected 16,000 square feet of retail space at its base, was acquired by Landmark Properties, a real estate development and management firm of high quality student housing communities. Ackerman & Co. Senior Vice Presidents Steve Langford and Sean W. Patrick were the exclusive agents for the sellers and acted as the intermediaries in the transaction.
“Given the high barriers of entry, it was a rare opportunity to acquire these parcels and in such close proximity to Auburn University,” said Langford. Such an endeavor did not come without challenges. The Ackerman & Co. team spent nearly two and a half years assembling the mix of 13 contiguous and non-contiguous land parcels, owned by 10 different families, some of whom lived out of state.
The 683-bedroom complex, dubbed The Standard at Auburn, is slated to be one of the largest student-housing developments in the city. It will stand some 65 feet tall and offer state-of-the-art amenities including rooftop infinity pool. Development is scheduled begin in Summer of 2017.
About Ackerman & Co.
Headquartered in Atlanta, Ackerman & Co. is a privately held, full-service commercial real estate firm focused on providing quality investment, brokerage, management and development services in the Southeast. The company, founded in 1967, retains an expert team of more than 100 real estate professionals. To date, Ackerman & Co. has developed and acquired nearly 35 million square feet of office, medical, industrial, retail and mixed-use space, has more than 7 million square feet under management, and maintains an investment portfolio valued at $1 billion. For more information on Ackerman & Co., visit www.ackermanco.com