Aspen Square Buys UWG Student Housing for Transformation to Multifamily
Aspen Square Management has purchased student housing community Timbercrest at Carrollton in Carrollton, GA. The buyer will convert the 240-unit, 792-bed community, which is located 1.2 miles from the University of West Georgia, into a multifamily property.
“This transaction represents a new trend for student housing communities with sub-90% occupancy located over one mile from campus in markets with a strong multifamily market,” said Baird. “Some buyers are converting these types of properties into multifamily. In this case, the buyer now has an excellent opportunity to lower expenses and increase occupancy, because competing multifamily properties in this market — which are inferior to Timbercrest — average the same rental rate per square foot.”
Timbercrest at Carrollton is located less than an hour from downtown Atlanta and was 87% occupied at sale. Since May 2019, the community has undergone $1.1 million in capital improvements.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
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