The Preiss Co. has recapitalized Collective at Auburn, a 600-bed student housing community in Auburn, Ala., adjacent to Auburn University. The company partnered with Crow Holdings and acquired the property in 2020, after securing a $35.8 million Fannie Mae loan, Yardi Matrix data shows. TPCO will continue to manage the asset and plans to invest $3.8 million to upgrade the property.
Collective at Auburn comprises 208 townhome units with two-, three- and four-bedroom floorplans, ranging from 1,357 to 2,220 square feet with in-unit laundry facilities, patios and front porches. Amenities at the pet-friendly community include an Olympic-sized pool, basketball and volleyball courts, game room, clubhouse and fitness center.
Renovations at the property are slated to begin in the spring of 2025 and will include upgrading selected units with granite countertops, fresh paint and new appliances, increasing fully furnished units by 25 percent, as well as modernizing unit access control.
Located at 721 Aspen Heights Lane, the community is within 2.5 miles of the Auburn University campus and Jordan-Hare Stadium and 1.7 miles away from the city center. Several retail options, including Auburn Mall and Market Square Shopping Center, are two miles away from the property.
The Collective at Auburn represents The Preiss Co.’s third recapitalization this year, after recently closing on Collective at Clemson, another 598-bed student community in Clemson, S.C. Earlier this year, the company also recapitalized Outpost San Marcos, a 486-bed property near Texas State University.
