Aspen Heights Partners has unveiled plans for Aspen Heights Bloomington, a 671-bed community in Bloomington, Ind., serving the students at Indiana University. Pacific Western Bank provided financing for the project, which will break ground this summer and is slated for completion in the fall of 2024.
The development will encompass four buildings, the first and third lot comprising 176 beds each and mostly four- and five-bedroom units. The second lot will include a five-story building, with one-, two- and three-bedroom apartments, totaling roughly 303 beds. Aspen Heights Bloomington will feature over 10,000 square feet of amenity space, such as outdoor courtyards, a swimming pool, a fitness center, a resident clubhouse and dedicated indoor study spaces.
The community will be located in front of a campus shuttle stop and within half a mile of the Indiana University campus. Simon Skjodt Assembly Hall and Armstrong Stadium are also within a mile of the campus and close to the city center, offering residents easy access to dining and entertainment options.
On an annual basis, the Indiana University Blooming campus registered a 6.4-percent rent growth in December 2021, according to the latest Yardi Matrix report. Currently, there are three properties under construction, which will add 2,451 units to the existing pipeline, the same data provider shows.
At the end of last year, Aspen Heights Partners sold a 422-bedroom community in Ames, Iowa, serving students at the Iowa State University, to Centurion Property Group.