TSB Realty closes sale of Aspen Charlotte

PAOLI, PA — TSB Realty, LLC completed the sale of Aspen Charlotte, a 144-unit, 480-bed student housing community near the University of North Carolina at Charlotte. Harrison Street Real Estate Capital purchased the property from Aspen Heights Partners, who will remain as the property manager.

“Aspen Charlotte provided a tremendous core asset acquisition as the property has maintained 100% occupancy for multiple years with current rental rate growth of approximately 5%,” said Randall L. Calvert, who handled the project for TSB Realty.

Harrison Street Real Estate Capital is one of the leading real estate investment management firms exclusively focused on the education, healthcare and storage sectors. The firm has created a series of differentiated investment strategies across multiple risk/return platforms. Headquartered in Chicago with an office in London, the firm has approximately $12.8 billion in assets under management.

Aspen Heights develops and manages a diverse nationwide portfolio of real estate assets. Since its founding in 2006, Aspen Heights Partners has developed, acquired and managed more than 30 purpose-built student housing, conventional multifamily, and assisted living properties, with a robust pipeline of future projects in each of those focus segments.

Built in 2014, Aspen Charlotte is located within close proximity to the University of North Carolina at Charlotte campus. Featuring a mix of two- and four-bedroom garden-style units, residents are treated to energy efficient appliances, full-size washer and dryer, private bathrooms and large walk-in closets. Community amenities include a 24-hour fitness center, California-style pool and hot tub, full-court volleyball, clubhouse with game room, basketball court, movie theater, study lounge and tanning beds.

TSB Realty is a full-service, national investment sales firm specializing in the valuation and disposition of student housing communities and conventional multifamily communities. In the last two years, the Paoli, Pennsylvania-based firm has closed more than $2 billion in student housing sales comprising over 8,000 units and 22,000 beds.