Carrollton, Ga. — Aspen Square Management has acquired Timbercrest at Carrollton, a 792-bed student housing community located near the University of West Georgia in Carrollton.
Sean Baird of Colliers arranged the acquisition of the property from DoubleLine Capital for an undisclosed price. The community was 87 percent occupied at the time of sale and offers shared amenities including a swimming pool, basketball courts and a courtyard. The new ownership plans to convert the community into traditional multifamily.
“The competitive landscape favors student housing communities that are within an easy walk of campus, and this presents opportunities to convert older assets further from campuses to multifamily,” says Baird. “This also helps the student housing market stabilize across the board, with an increase in occupancy and rent for properties that are closer to schools. So, it’s a win-win all around.”