Sale of student housing community near Mississippi State University closes
JLL Capital Markets completed the sale and arranged the $37.25M financing of the 275-unit Aspen Heights Starkville
CHICAGO, May 19, 2022 – JLL Capital Markets announced today that it has closed the sale and arranged the $37.25 million financing of Aspen Heights Starkville, a 958-bed, cottage-style, student-housing community near the campus of Mississippi State University in Starkville, Mississippi.
JLL represented the seller, Aspen Heights Partners. Centurion Property Group acquired the asset. JLL also worked on behalf of the new owner to secure a three-year, floating-rate, loan through Tremont Mortgage Trust.
Constructed in 2014, the community consists of two-, three-, four- and five-bedroom units with bed-bath parity, walk-in closets, granite kitchen countertops, stainless steel appliances, in-unit washers and dryers, a patio or a balcony, wood-style flooring and an average size of 1,848 square feet. Community amenities include a 24-hour fitness center, a spacious yoga studio, a group study lounge, a computer lab, a movie theater, an outdoor basketball and volleyball court, an outdoor pool and grilling area and an expansive dog park.
Located at 2041 Blackjack Rd., Aspen Heights Starkville is positioned two-thirds of a mile from the campus of Mississippi State University, which currently has an enrollment of over 23,000 students. Additionally, the property offers a private, three-minute shuttle ride to campus.
The JLL Capital Markets Sales and Advisory team representing the seller was led by Senior Directors Scott Clifton, Stewart Hayes and Teddy Leatherman and Analyst Jack Goldberger, along with Senior Managing Director Barry Brown. Representing the borrower, Directors Jayme Nelson and Jackson Finch led the JLL Capital Markets Debt Advisory team.
“We’ve seen a shift in students’ preferences towards larger floorplans and bed-bath parity within their units, and Aspen Heights Starkville was thoughtfully developed with the modern student in mind,” said Clifton. “The property will have strong long-term appeal, given its sought-after amenities and the sturdy fundamentals of the Mississippi State University housing market.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Aspen Heights Partners
Since its founding in 2006, Aspen Heights Partners has developed more than 50 residential communities throughout the U.S., totaling more than $2.8 billion in value. The Austin, Texas-based company, which consistently ranks as one of the top developers of student housing in the country, deploys an integrated structure to build, lease and manage its award-winning portfolio of multifamily, condominium, student housing, and single-family rental developments, while providing third-party leasing and management services to other developers. For more information, visit: www.ahpliving.com.
About Centurion Property Group
Centurion Property Group specializes in the acquisition, management, and improvement of value-add, income producing real estate properties in the student housing, hospitality, & multifamily sectors all within opportunistic locations. The company is led by a seasoned team of experts with over 34 years of successful experience in the acquisition and operation of real estate assets.