Aspen Square Sells Missouri Student Housing Community
Institutional Property Advisors arranged the deal.
Aspen Square Management has sold The Row Apartments, a 328-unit student housing community in Columbia, Miss. Monument Square Investment Group acquired the 82-unit asset serving the University of Missouri.
Institutional Property Advisors, a division of Marcus & Millichap, brokered the deal on behalf of the seller and procured the buyer. The property traded multiple times before, including in a foreclosure deal in 2016, according to Yardi Matrix information.
The townhome-style community came online in 2005 at 5151 Commercial Drive, some 2 miles from the University of Missouri at Columbia campus. Memorial Stadium and Mizzou Arena are some 3 miles away, while the city center is less than 5 miles north. The property is also close to several dining options.
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The Row Apartments consists of 41 two-story residential buildings across almost 10 acres. The community has four-bedroom layouts totaling 1,800 square feet with private balconies or patios.
Common-area amenities include a swimming pool, business center and a volleyball court, as well as 235 parking spaces. The property also has a dog park, grilling area and a hammock garden.
IPA Executive Director Peter Katz and Marcus & Millichap Senior Director David Saverin brokered the deal.
Student housing keeps steady, focused on primary schools
Investment activity in student housing is picking up, but the recovery remains uneven as capital gravitates toward markets and assets where investors believe they can underwrite through volatility. Reflecting broader trends in student housing, recent deal flow—including portfolio buys, platform transactions and recapitalizations—largely concentrated near top-tier universities and in properties with strong operating fundamentals.
Debt markets have also improved, with better terms and more lenders willing to finance standard transactions again. Agency lenders are putting more capital into student housing as well, supported by strong loan performance.
