Tuscaloosa Student Apartment Complex Rebrands After $35.7 Million Sale
A Tuscaloosa apartment complex that caters almost exclusively to college students has been sold for more than $35 million, according to a press release provided to the Tuscaloosa Thread.
The Grand at Rum Creek, a 260-unit apartment complex off Highway 69 South, was purchased by DLP Capital last month. According to the Birmingham Business Journal, the property sold for $35.7 million.
DLP Capital, a private real estate and investment firm based in St. Augustine, FL, announced the purchase on April 20.
In the release, the company said they plan to expand the resident base at the complex from students only into a community that will also serve university staff, young professionals and families, with units priced to be affordable to most in the area.
The purchase also comes with a rebranding, and the complex will now be called DLP Tuscaloosa.
DLP Capital Founder and CEO, Don Wenner, said he sees college towns as "a sustainable, recession-proof investment for DLP Capital."
“As long as there will be students attending college and faculty and support services to serve them, there will be a consistent need for housing," Wenner said. "We plan on having Grand at Rum Creek serve University of Alabama students, staff, and community members for years to come."
The complex features options ranging from single-occupant studios to five-bedroom units with amenities including a resort-style pool and hot tub, a fitness center, volleyball and basketball courts and a theater room.
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