Joint Venture Acquires 600-Bed Cottage-Style Community Near Auburn University

Auburn, Ala. — A joint venture between The Preiss Co. and a private equity real estate fund advised by Crow Holdings Capital has acquired a 600-bed, cottage-style student housing community from Aspen Heights. 

The community — rebranded The Collective at Auburn — serves students attending Auburn University in Alabama. Capital improvements are planned for the property, including a complete redesign of its clubhouse and amenity areas, new exterior paint, the addition of more in-unit furniture and the installation of LED lighting and water-saving devices. 

“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 semester,” says Donna Preiss, founder and CEO of The Preiss Co. “We are 95 percent pre-leased for fall 2021. 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.”

Shared amenities at the property currently include a resort-style swimming pool, hot tub, outdoor fireplace, full volleyball court, clubhouse, computer lab, study lounge, movie theater, game room and a fitness center. Terms of the transaction were undisclosed.