GMH Capital Partners together with AGC Equity Partners, has acquired Aspen Lincoln, a 182-unit student housing community in Lincoln, Neb. This transaction marks the partnerships’ fourth student housing asset purchased or developed by its joint investment fund. Aspen Heights Partners and Virtus Real Estate Capital sold the property.
Located at 1850 P St., Aspen Lincoln consists of four two- and five-story buildings totaling roughly 203,500 square feet. The community serves students attending the University of Nebraska-Lincoln, situated two blocks away. Additionally, various shopping, dining and entertainment venues including Walgreens, Hy-Vee, Target, Lied Center for Performing Arts, the Memorial Stadium, The Mill and The Coffeehouse are nearby.
The off-campus community features a mix of two-, three- and four-bedroom units ranging from 667 to 1,346 square feet. In-unit amenities include large kitchens, washer/dryer, new appliances and private bathrooms. Common-area amenities include a fitness center, swimming pool, hot tub, tanning areas, study lounges, computer labs, grilling stations and fire pits.
GMH plans to rename the 632-bed property to Academy Lincoln. In April 2018, the companies partnered to develop The Academy, a 305-bed student housing property in Sacramento, Calif, scheduled for completion in August this year.
Image courtesy of Yardi Matrix