KENNESAW, Ga., April 20, 2021 /PRNewswire/ -- Dallas-based Fountain Residential Partners announces the development of The Shiloh, a boutique, 241-bed student housing community in Kennesaw, Georgia serving Kennesaw State University. Located at 1465 Shiloh Road, the project will provide just 52 luxury apartment homes for up to 241 students in a boutique community setting serving the rapidly expanding KSU market.
Kennesaw State grew an incredible 8% from Fall 2019 to Fall 2020 to reach almost 41,000 students. Given the opposition for new student housing in the community, barriers to entry for new housing geared towards KSU students are extremely high. Fountain Residential Partners sought to rezone this property in 2017 for a higher density and was unsuccessful. Only by closely working with the neighborhood association and the City to carefully craft a plan that met the community's needs and desires was the ultimate zoning request approved. And even though the property was technically except from a newly adopted Purpose Built Student Housing ordinance, The Shiloh met all parameters of the new ordinance without seeking any variances.
The Shiloh will include a unit mix of two-, three-, four- and five-bedroom apartments along with a pool area, clubhouse, strength training and cardio center, and multiple private study rooms. Each fully furnished apartment home will feature condo-like finishes including wood-look flooring, granite countertops, queen sized pillow-top beds, 50-inch flat screen TVs, stainless steel appliances and full-sized washer and dryers. The community will be fully gated and provide dedicated ride sharing and shuttle bus drop off/pick up locations.
Trevor Tollett, Executive Vice President of Fountain Residential, says, "Kennesaw State University is experiencing tremendous growth and the high barriers to entry into this market made The Shiloh an attractive investment opportunity. Most often the rezoning process requires creative negotiations with the community stakeholders and this process was certainly indicative of that. Each project Fountain Residential develops requires a unique approach and we are proud of the ultimate concept that was approved. We feel the addition of The Shiloh will truly help with KSU's future growth plans while adding value to the Kennesaw community in a very thoughtful way."
Jeremy Sain and Teddy Leatherman of JLL were involved in the equity capital raising efforts. First United Bank and Trust is the construction lender. Asset Living will be marketing and leasing the property from a temporary leasing facility located at 741 Town Park Lane in Kennesaw.
The Shiloh was designed by Stuart Roosth Architects and Kimley-Horn Associates and is being constructed by Atlanta-based Van Winkle Construction, for completion before the Fall 2022 school year.
About Fountain Residential Partners:
Fountain Residential Partners is a privately held development and asset management company specializing in luxury, mixed-use, and affordable apartment homes in university and collegiate markets across the United States. Specializing in student housing since 2000, the principals of Fountain Residential have completed over $2 Billion in new student housing construction across the country.
Trevor C. Tollett – Executive Vice President
Fountain Residential Partners, LLC
2626 Cole Avenue, Suite 620
Dallas, Texas 75204
Phone: (972) 861-5080
Renderings and graphics are available upon request.
SOURCE Fountain Residential Partners