Privately-held, student housing owner-operator The Preiss Co., and a private equity real estate fund advised by Crow Holdings Capital have acquired Aspen Heights, a 600-bed student housing complex nearby Auburn University in Auburn, AL. The sales price was not disclosed.
Located at 721 Aspen Heights Lane, the property consists of a collection of cottages surrounding a well-landscaped resort-style pool, hot tub, outdoor fireplace and full volleyball court. A clubhouse features a computer lab, study lounge, movie theater, game room and fitness center. The complex consists of two-, three- and four-bedroom floor plans with private bedrooms and bathrooms. The property has been rebranded The Collective at Auburn and is currently undergoing major upgrades.
“The upgrades will be handled in phases to ensure minimal resident disruption, meaning The Collective at Auburn will be ready to open fully for the coming school semester, with a fantastic staff and a 95% pre-lease for fall 2021,” said Donna Preiss, founder and CEO at Preiss Co. “As a sister project to the Collective at Clemson, one of our top performing assets, we’re confident that this acquisition will quickly become the off-campus student lodging of choice at the university.”
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles.
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