The owner has rebranded the community and plans to implement several upgrades. : The Preiss Co. and a private equity real estate fund advised by Crow Holdings Capital have acquired Aspen Heights, a 600-bed student housing community in Auburn, Ala. The buyer plans to invest in improvements at the property. Built in 2011, the community comprises two-, three- and four-bedroom apartments, with granite countertops, black appliances and washer/dryer units. Common-area amenities include a swimming pool, hot tub, outdoor fireplace, volleyball court, movie theater, game room and fitness center. Preiss has rebranded the property as The Collective at Auburn.