COLUMBIA, MO - Transwestern Real Estate Services (TRS) announces it has arranged the sale of Elevate231, a 972-bed student housing property at 3600 Aspen Heights Parkway in Columbia, Missouri. The national student housing team of Senior Managing Directors Mike McGaughy and Jon Kleinberg, along with TJ Redmond of Balke Brown Transwestern, represented Rialto Capital Advisors, LLC in the disposition. Aspen Square Management purchased the 318-unit community for an undisclosed price.
“Investors were attracted to Elevate231’s strong physical attributes, historically high occupancy and value-add potential,” said McGaughy. “With rents as low as 22% below market, the asset provides tremendous opportunity to increase NOI by bringing rates in line with the competitive set.”
Positioned two miles from the University of Missouri, Elevate231 serves the Mizzou community with a diverse mix of two-, three- and four-bedroom cottage-style townhome units that feature high-end furnishings and finishes. Built in 2013, the development offers above-average unit sizes of over 1,750 square feet and desirable, resort-like amenities.
“This is our second student housing disposition in Columbia this year and the largest property to trade in the area,” said Kleinberg. “Investors continue to show immense interest in high-quality student housing assets in proven university markets, especially those like Elevate, with achievable upside.”
Photo available for download here.
About Transwestern Real Estate Services
Transwestern Real Estate Services (TRS) adds value for investors, owners and occupiers of all commercial property types through a comprehensive perspective and by providing solutions grounded in sound market intelligence. Part of the Transwestern companies, the firm applies a consultative approach to Agency Leasing, Asset Services, Tenant Advisory + Workplace Solutions, Capital Markets, and Research & Investment Analytics.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. Through an integrated, customized approach that begins with good ideas, the firm drives value for clients across commercial real estate services, development, and investment management. Operating from 33 U.S. offices, Transwestern extends its platform capabilities globally through strategic alliance partners whose unique geographic, cultural, and business expertise fuels creative solutions. Learn more at transwestern.com and @Transwestern.
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