CBRE Arranges Sale of 684-Bed Student Housing Community at The University of Oklahoma
02 Dec 2021
CBRE announced the sale of Aspen Heights Norman, a 684-bed, 194-unit non-pedestrian, cottage-style student housing community in Norman, Oklahoma. Raleigh, North Carolina-based The Preiss Company (TPCO) purchased the asset from New York-based Safanad and Austin-based Aspen Heights for an undisclosed price.
“Aspen Heights Norman provided investors a consistently strong performing asset with several revenue upside opportunities,” said Mr. Schaefer, Senior Vice President at CBRE. “In a 97% occupied market devoid of any future development serving a university with a record-high freshman class and future enrollment growth plans, the asset is poised to thrive with robust tailwinds.”
Built in 2015, Aspen Heights Norman boasts a cottage-style exterior design, popular with today’s Gen Z renter. The property includes a comprehensive amenity set, including a clubhouse with a fitness center, cardio and weight room, a computer lab, and a study lounge with three private study rooms. Exterior amenities include a resort-style swimming pool, a full-court sand volleyball court, a dog park, and outdoor grilling stations. Each unit offers open floor plans with large kitchens, coat closets, private bathrooms, and huge bedrooms. The kitchens include espresso cabinetry, black Whirlpool appliances and tiled granite countertops. Each unit includes faux wood plank flooring in common areas and a half-bathroom for guests.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.