University Partners Makes First Buy, Nabs 900-Bed Property

University Partners acquired the 900-bed, 312-unit Connection at Auburn from Crow Holdings Capital in an off-market transaction. The 14-building off-campus complex, which serves Auburn University in Auburn, AL, sold for an undisclosed amount, and was valued at $31.4 million.

CBRE’s Jaclyn Fitts, William Vonderfecht, Casey Schaefer and Nashville Multifamily arranged the transaction between the buyer and seller, both of which are in Dallas. In addition, CBRE’s Ben Roelke secured the financing for the buyer. “This acquisition represents University Partners’ first investment with their new venture,” Fitts said. “The purchase of this asset is an exciting kickoff to their new platform in an incredibly strong market.”

Connection at Auburn, at 300 E. Longleaf Dr., is 99.3% occupied, and less than half a mile from campus. On-site amenities include a resort swimming pool, heated spa, private study rooms and high-speed WiFi.

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