|Underground Atlanta's hotel, most recently housing for Georgia State students, will soon be a Comfort Suites.|
Yesterday we snapped this of the hotel, which is set to get a $2.6 million facelift. A subsidiary of Place Properties sold the property to a joint venture between Philly-based Frontline Management and Atlanta-based S&A Hospitality. The deal was ?very unusual,? according to Anthony Falor of Hodges Ward Elliott, who repped the seller, because franchisor Choice Hotels lent financial assistance to make the deal happen.
Late yesterday, we took this shot of University Commons, the student housing complex that Georgia State opened a few years ago. It's 4.2 acres with four apartment buildings at the corner of Piedmont and Ellis, housing 2,000 students. While it's been good for the city, it created tough-to-beat competition for the former University Place at Underground. Atlanta-based Place Properties, a multi-family development and management company with a division focused on student housing, saw demand dry up, Anthony says.