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.

Sean Baird of Colliers facilitated the transaction. The seller was DoubleLine Capital.

“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.