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Carriage Hill Student Housing Complex Sells in Athens

Emet Acquires 536-Bed Asset with Plans to Rebrand
February 23, 2018
Emet Capital Management, a New York-based investment firm specializing in distressed and special situation real estate opportunities, acquired the 536-bed student housing complex at 115 Carriage Hill Dr. in Athens, OH from Wallick Communities for an undisclosed price.

Carriage Hill totals 302,070 square feet and houses students at Ohio University. The 12, two-story buildings comprise studio-, one-, two- and three-bedroom units, totaling 337 units ranging from 346 to 790 square feet.

Carriage Hill delivered in two phases between 1967 and 1970 as an apartment building, and later converted to mixed income affordable and student housing. Emet, which currently manages a private equity fund with aggregate capital commitments in excess of $25 million, plans to renovate and rebrand the Carriage Hill student housing complex.

Triad Real Estate Partners represented the seller in the transaction. Triad donated a portion of the proceeds to Resident Resources Network, a non-profit with a mission of connecting affordable housing residents to support services.

Please refer to CoStar COMPS #4133405 for more information on this transaction.
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