T
he family behind The Varsity, a 96-year-old institution serving Georgia Tech students, has sold two acres of land to Landmark Properties for a massive student-housing project. The Athens-based developer plans to build a 2,000-bed tower overlooking Bobby Dodd Stadium, with the address not disclosed but adjacent to The Varsity at 61 North Avenue Northwest. The sale price was not revealed, but it could be tens of millions of dollars.

    Student housing remains a sought-after asset class in Atlanta, driven by rent growth, according to Jaclyn Fitts, director of CBRE's national student housing group. Landmark Properties is no stranger to this market, with three existing student-housing developments in downtown and Midtown Atlanta, totaling 2,000 beds.

    The Varsity family had considered redeveloping the site but paused plans earlier this year due to high construction costs and an oversupply of apartments, leading to declining rent prices. This trend is evident in the greater multifamily market, with the average asking rent in Atlanta's apartment market falling 0.1 percent to $1,638 this summer.