The Preiss Co And Crow Holdings Capital Acquire 972-Bed Student Housing Community For $47.5M
3600 Aspen Heights Parkway
$47,500,009
Building Size
—
Asset Type
Student Housing
Closing
Oct 24, 2024
AI
The property involved in this transaction is a student housing community located at 3600 Aspen Heights Parkway, Columbia, MO, featuring 318 units. The joint venture has acquired Elevate 231, which encompasses a total of 972 beds, intended for a rebranding project as The Collective at Columbia.
Summary of transaction details:
- Property Type: Student Housing
- Transaction Amount: $47,500,009
- Loan Type: Acquisition
- Landlord: The Preiss Co & Crow Holdings Capital
- Brokers: Benjamin "Ben" Roelke & Ian Walker - Newmark
The acquisition marks a strategic collaboration between The Preiss Co. and a Crow Holdings Capital-advised private equity fund, reinforcing their commitment to enhancing student living experiences in proximity to the University of Missouri.
Players
Columbia Student Housing Market Snapshot
Boundary boundary · Student Housing · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.33%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93