Value-Add Student Housing Trades Near U. of Missouri
Transwestern Real Estate Services ‘ National Student Housing Team arranged the sale of Elevate231, a 972-bed student housing property at 3600 Aspen Heights Pkwy. in Columbia, MO.
Senior managing directors Mike McGaughy, Jon Kleinberg and TJ Redmond represented Rialto Capital Advisors, LLC in the disposition. Aspen Square Management purchased the 318-unit community for an undisclosed price.
“Investors were attracted to Elevate231’s strong physical attributes, historically high occupancy and value-add potential,” said McGaughy. “With rents as low as 22% below market, the asset provides tremendous opportunity to increase NOI by bringing rates in line with the competitive set.”
Positioned two miles from the University of Missouri, Elevate231 offers above-average unit sizes of over 1,750 square feet and desirable, resort-like amenities.
“This is our second student housing disposition in Columbia this year and the largest property to trade in the area,” said Kleinberg.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).