Muinzer JV Buys Alabama Student Community

This marks the company’s first acquisition in the Auburn University submarket.

The community at 1131 S. College St. in Auburn, Ala.
Evergreen Auburn features a swimming pool, business center, fitness center and community room. Image courtesy of Muinzer

A joint venture between Muinzer and T2 Capital Management has acquired Evergreen Auburn, a 201-unit, 486-bed student housing community in Auburn, Ala. This marks Muinzer’s first acquisition in the Auburn University submarket.

The previous owner was Aspen Heights Partners, according to Yardi Matrix information, which had acquired the asset in 2018 from Capstone Real Estate Investments.

The 1991-completed community encompasses 10 two- and three-story buildings spread across more than 19 acres. The unit mix consists of one-, two- and four-bedroom layouts ranging between 550 and 1,157 square feet. The property is currently 97 percent leased and 88 percent preleased for the August 2024 school year.

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Common-area amenities include a clubhouse, a business center, volleyball and basketball courts, a fitness center and a community room. Additionally, the community has a swimming pool, spa, fire pit and dog park.

Located at 1131 S. College St., Evergreen Auburn is adjacent to the Auburn University campus and less than 2 miles from Jordan-Hare Stadium. The property is also 3 miles from the West Pace Village shopping center, while downtown Auburn is some 2 miles away.

Muinzer’s growing student housing portfolio

Muinzer’s student housing portfolio currently comprises more than $500 million in assets under management. Moreover, the company plans to acquire an additional $1 billion of student housing properties near high-growth universities.

Last year, Muinzer grew its ownership stake in Village West, a 1,134-bed student housing community in West Lafayette, Ind., adjacent to Purdue University. The company partnered with T2 Capital Management to reacquire the asset.

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