AUBURN, AL – Officials at Preiss Company (TPCO), one of the largest privately held privately owned student dormitory owners and a private equity real estate fund advised by Crow Holdings Capital, announced the acquisition of the 600-bed Aspen Heights student housing complex for a no mentioned amount. The property at Auburn University has been renamed The Collective at Auburn and is currently undergoing major modernization.
"We continue to seek quality assets in close proximity to major colleges and universities that can benefit from significant improvements and our proprietary management and marketing systems," said John Preiss, TPCO's chief investment officer. "The" new "collective in Auburn is an ideal addition to our nationwide portfolio of student housing complexes, as we are addressing additional Tier 1 schools in a Power 5 conference."
TPCO plans to invest a significant amount of capital to improve The Collective at Auburn. The upgrade program will highlight a complete redesign of the clubhouse and equipment areas to improve the functionality of the space for today's college student. Other improvements include new exterior colors, additional furniture units to meet future market demand and environmentally friendly initiatives such as the installation of LED lighting and water saving devices throughout the building.
Located at 721 Aspen Heights Lane in Auburn, the property consists of a series of cottages that surround a beautifully landscaped resort-style pool, hot tub, outdoor fireplace and volleyball court. A clubhouse has a computer lab, study lounge, movie theater, game room and fitness center.
The complex offers two, three, and four bedroom floor plans, each with private bedrooms, bathrooms, and plenty of storage space. The open plan includes a living room and spacious kitchen with granite countertops, black appliances, and Shaker-style cabinets. Linen closets and additional storage space, plus a full size washer and dryer are provided.
"The upgrades are being phased out to ensure minimal disruption to residents. This means the collective in Auburn will be fully open for the upcoming school term, with fantastic staff and 95% pre-letting for fall 2021." said Donna Preiss, founder and CEO of TPCO. "As a sister project to the Clemson Collective, one of our top performing assets, we are confident that this acquisition will quickly become the preferred off-campus student accommodation at the university."
Source: The Preiss Company
