JV Buys Student Housing Near Clemson University

The Collective at Clemson. Image via Yardi Matrix

The Preiss Co. and a private real estate fund advised by Crow Holdings Capital have partnered to acquire Aspen Heights, a 598-bed student housing community in Clemson, S.C., from Austin-based developer Aspen Heights Partners. The property, which serves students from nearby Clemson University, has been rebranded as The Collective as Clemson. A sale price was not disclosed.

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Built in 2013, the property is located at 673 Old Greenville Highway and offers a mix of two-, three-, four- and five-bedroom townhomes and apartment units with an average size of 1,855 square feet. The new owners have already begun significant upgrades to the property, with a focus on improving the clubhouse and social and study center at the community, as well as new flooring and furniture in certain units and painting on the exterior of the property.

Resident amenities at The Collective at Clemson include a resort-style pool, hot tub, outdoor fireplaces, volleyball and basketball courts, a clubhouse with a computer lab, study lounge, movie theater, game room and fitness center. Unit interiors at the community feature granite countertops, extra storage and full-sized washers and dryers.

Growing its footprint

The Preiss Co. has had a busy 2019. The student housing owner and operator has averaged nearly one major deal a month so far this year, according to the firm, which expects to continue at the same pace throughout the rest of the year. Last month, the company picked up a 624-bed student housing community in San Antonio and a 480-bed student housing property in Las Vegas.

Aspen Heights Partners is part of the team that recently completed Austin’s tallest tower, a 363-unit condo building in downtown named The Independent. Dubbed the Jenga tower for its distinctive stacked design, the property was built in a joint venture with CIM Group.