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Columbia, Mo. — Aspen Square Management has acquired Elevate231, a 972-bed student housing property located two miles from the University of Missouri campus in Columbia.
Mike McGaughy, Jon Kleinberg and TJ Redmod of Transwestern Real Estate Services represented the seller, Rialto Capital Advisors, in the disposition of the property for an undisclosed price. The community offers a mix of two-, three- and four-bedroom cottage-style units.
“Investors were attracted to Elevate231’s strong physical attributes, historically high occupancy and value-add potential,” says McGaughy. “With rents as low as 22 percent below market, the asset provides tremendous opportunity to increase NOI by bringing rates in line with the competitive set.”