600-Bed Student Housing Complex Servicing Auburn University To Undergo Significant Upgrades
AUBURN, Ala./RALEIGH, N.C., Dec 16, 2020 — Officials at The Preiss Company (TPCO), one of the nation’s largest, privately-held, student housing owner-operators, and a private equity real estate fund advised by Crow Holdings Capital, today announced the acquisition of the 600-bed student housing complex Aspen Heights for an undisclosed amount. Serving Auburn University, the property has been rebranded The Collective at Auburn and is undergoing major upgrades.
“We continue to seek quality assets located in close proximity to major colleges and universities that can benefit from material improvements and our proprietary management and marketing systems,” said John Preiss, TPCO chief investment officer. “The ‘new’ Collective at Auburn is an ideal addition to our nationwide portfolio of student housing complexes as we further target 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 emphasize a complete redesign of the clubhouse and amenity areas to improve the functionality of the space for today’s college student. Other improvements include new exterior paint, additional unit furniture to meet future market demand and green initiatives, such as installation of LED lighting and water saving devices throughout the property.
Situated at 721 Aspen Heights Lane in Auburn, the property consists of a collection of cottages surrounding a well-landscaped resort-style pool, hot tub, outdoor fireplace and full volleyball court. A clubhouse features a computer lab, study lounge, movie theater, game room and fitness center.
The complex offers two-, three- and four-bedroom floor plans, each providing private bedrooms, bathrooms and ample closet space. The open space layout features a living room and spacious kitchen with granite countertops, black appliances and shaker-style cabinets. Linen closets and extra storage are provided, as well as a full-sized washer and dryer.
“The upgrades will be handled in phases to ensure minimal resident disruption, meaning The Collective at Auburn will be ready to open fully for the coming school semester, with a fantastic staff and a 95% pre-lease for fall 2021,”said Donna Preiss, TPCO founder and chief executive officer. “As a sister project to the Collective at Clemson, one of our top performing assets, we’re confident that this acquisition will quickly become the off-campus student lodging of choice at the university.”
Additional information about The Collective at Auburn is available at https://www.collectiveauburn.com
About The Preiss Company
Celebrating its 33rd year, Raleigh, North Carolina-based, The Preiss Company specializes in the development, acquisition and management of off-campus student housing. The company is ranked in the nation’s top 10 of the largest, privately held, student housing owner-operators. For more information, visit www.tpco.com.
About Crow Holdings Capital
Crow Holdings Capital is a real estate investment management company of Crow Holdings. Led by a highly experienced team, Crow Holdings Capital manages $11 billion of real estate assets through its series of nine flagship value-add funds invested across property types in the United States, as well as its specialized fund strategies for retail, self-storage and multifamily. Crow Holdings is a privately owned real estate investment and development firm with a 70-year history and a strong track record of performance, partnership and innovation. For more information, please visit www.crowholdings.com/chc.