Student Quarters, an investor that specializes in student housing, acquired for $181 million an Atlanta apartment tower that caters to Georgia Institute of Technology students.

CA Ventures sold the 30-story Here Atlanta tower to Student Quarters, John Diedrich, managing principal and chief investment officer at CA Ventures, said in an email to CoStar News. American General Life Insurance provided a $105.5 million loan for the acquisition.

Private investment in student housing properties has increased this year as college students return to campuses following the pandemic, according to a recent report by the National Association of Home Builders. Investment in student dorms rose to $3.6 billion in the second quarter, an 8.7% rise from the same period a year earlier.

CA Ventures, based in Chicago, developed Here Atlanta on land it acquired in 2019 from the Roman Catholic Archdiocese of Atlanta, according to public records. Here Atlanta opened in 2021.

CA Ventures opened another Midtown Atlanta apartment tower in August, the 33-story 903 Peachtree, although that property is not geared toward college students, Tom Scott, CEO of CA Ventures, told CoStar News.

The company last month sold a portfolio of student housing properties in the U.S. to the real estate arm of a British Columbia provincial pension fund.

With its latest deal, Student Quarters now owns two properties in Atlanta. It also owns 200 Edgewood, located near Georgia State University.

Here Atlanta is situated across the Downtown Connector, the interstate highway that runs through central Atlanta, from the 40,000-student Georgia Tech. Here Atlanta has 350 units in studio, one-, two-, four- and five-bedroom formats, according to CoStar data. Here Atlanta has a rooftop pool on the 26th floor.

Student Quarters owns apartment properties near large colleges in 16 states. Its portfolio includes Luxe Belle at The Ohio State University; Gateway on Cullen next to the University of Houston; and Lofts on 8th near Arizona State University.

Student Quarters did not respond to requests for comment from CoStar News.

Arnold & Porter Kaye Scholer was legal counsel on the sale. Solomon Cordwell Buenz was Here Atlanta’s architect, J.E. Dunn Construction was the general contractor and Confluence was the landscape architect.