Virtus and Aspen Start NE Student Housing

LINCOLN, NE—Virtus Real Estate Capital, a private equity firm, and Aspen Heights, a student housing developer, have joined up to develop a 632-bed student housing community located near the University of Nebraska's main campus. The school has set a goal of enrolling 30,000 students by recruiting additional out-of-state and international students, up from around 25,000 in fall 2014. To accommodate this ambitious goal the university has helped launch a number of new student housing projects.

Austin, TX-based Aspen Heights has just begun construction on the four-building complex, which will include a parking garage, and plans to complete it by August 2016. Located at the intersection of 18th and Q streets and the intersection of 18th and P streets, the new housing is in walking distance of the university campus.

“Once completed, Aspen Heights Lincoln property will be the premier pedestrian student housing project in the University of Nebraska off-campus housing market,” says Kevin White, acquisitions director for Virtus.

Founded in 2006, Aspen Heights develops and manages student housing properties throughout the US and focuses on providing residents with amenities commonly found in luxury apartment complexes.

“Aspen Heights is thrilled to extend our partnership with Virtus and to present our signature student housing experience to the University of Nebraska community,” says Greg Henry, founder and chief executive officer, Aspen Heights. “The project we are building will combine industry leading amenities, high quality finish outs and the best location to meet the increasing student demand.”

Last fall, Virtus and Aspen Heights first partnered to develop a 684-bed cottage-style student housing community, located close to the University of Oklahoma. The companies have already begun construction, plan to finish by the fall, and have leased 99% of the units.