Ames, Iowa — Centurion Property Group has acquired Aspen Ames, a 422-bed student housing community located near the Iowa State University campus in Ames, for $25 million.
Built in 2017, the property offers a mix of two-, three- and four-bedroom units with bed-to-bath parity across four buildings. Shared amenities include a state-of-the-art fitness center, game room, computer lab and a study room. Centurion plans to begin renovations on the community, to include the addition of a pet park and basketball court.
Asset Living has been tapped to manage the property, which will be renamed The ONE at Ames. Scott Clifton and Stewart Hayes of JLL represented the undisclosed seller in the transaction.
“Aspen Ames was a great investment opportunity that fit into our strategy of acquiring value-add student housing properties at public, Power-5 Universities,” says Aldo Facchi Jr., managing partner and COO at Centurion Property Group. “We believe that there is an opportunity to substantially increase the net operating income through management efficiencies and in turn give our investors attractive returns.”
Aspen Ames marks the company’s third student housing acquisition in the past 18 months.