Centurion Buys 958-bed Mississippi Student Community
Seven Hills Realty Trust provided more than $37 million to finance the acquisition.
Aspen Heights Partners has sold Aspen Heights, a 958-bed student housing community in Starkville, Miss., serving the students at the Mississippi State University. Centurion Property Group landed a $37.3 million floating-rate bridge loan, closed by Seven Hills Realty Trust, for the acquisition.
The loan is structured with a three-year initial term and two one-year extension options, depending on certain requirements set for the borrower. JLL Capital Markets worked on behalf of the buyer.
Spanning 8.4 acres, the 2015-built community comprises 198 buildings and 275 units with two- to five-bedroom floorplans, varying from 1,320 to 2,343 square feet, with in-unit washers and dryers. Common-area amenities include a fitness center, business center, clubhouse, volleyball and basketball court, swimming pool, spa, media room and 954 parking spots.
Located at 2041 Blackjack Road, the community is within 1.5 miles of the Mississippi State University campus and Davis Wade Stadium. Numerous dining, retail and entertainment options alongside University Drive are within 2.5 miles of the property.
Currently, there are 12 properties near the Mississippi State University, totaling 8,342 rooms, with no developments underway, Yardi Matrix data shows.
Centurion Property Group focuses on value-add student properties near major university centers, owning three properties that total 1,868 beds in Statesboro, Ga., Lubbock, Texas and Ames, Iowa. At the end of last year, the firm acquired Aspen Ames, a 422-bedroom community serving the students at Iowa State University, after receiving an $18 million acquisition financing, sold by Aspen Heights Partners.