The Preiss Co. and a private equity real estate fund advised by Crow Holdings Capital have acquired Aspen Heights, a 600-bed student housing community in Auburn, Ala. The buyer plans to invest in improvements at the property.
Built in 2011, the community comprises two-, three- and four-bedroom apartments, with granite countertops, black appliances and washer/dryer units. Common-area amenities include a swimming pool, hot tub, outdoor fireplace, volleyball court, movie theater, game room and fitness center.
Preiss has rebranded the property as The Collective at Auburn. The planned improvements include new exterior paint, additional unit furniture, LED lighting and water saving devices throughout the building.
Located at 721 Aspen Heights Lane, on 26 acres, the community is within 3 miles of Auburn University. The surrounding area has several retail and dining options, including Auburn Mall, which is 2 miles from The Collective.
In October, a Preiss-led joint venture acquired Quantum at West Call, a 752-bed, luxury student housing community in Tallahassee, Fla. Matthews Real Estate Investment Services represented the seller, Edwards Cos.