Timbercrest at Carrollton student housing community sold, to be converted to multifamily

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Noelle Fox
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Carrollton, Ga. (April 11, 2022)

Aspen Square Management has purchased student housing community Timbercrest at Carrollton, located at 316 Columbia Drive in Carrollton, Ga., for an undisclosed price. The buyer will convert the 240-unit, 792-bed community – which is located approximately 1.2 miles from the University of West Georgia – into a multifamily property.

Sean Baird, Director of Student Housing Services for Colliers, facilitated the transaction. The seller was DoubleLine Capital.

“This transaction represents a new trend for student housing communities with sub-90% occupancy located over 1 mile from campus in markets with a strong multifamily market,” said Sean Baird, Director of Student Housing Services, Colliers. “Some buyers are converting these types of properties into multifamily. In this case, the buyer now has an excellent opportunity to lower expenses and increase occupancy, because competing multifamily properties in this market – which are inferior to Timbercrest – average the same rental rate per square foot.”

Timbercrest at Carrollton is located less than an hour from downtown Atlanta. Since May 2019, the community has undergone capital improvements totaling nearly $1.1 million, which included upgrades to the pool, basketball courts, courtyard and technology package. The community was approximately 87% occupied at the time of sale.

“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,” Baird said. “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.”

About Colliers
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.