As Burlington prepares for an incoming winter storm, residents living at the West End and Trollinger apartments are finally getting answers about a chaotic management transition that left many residents confused, frustrated and for several days, literally in the dark.
Trollinger and West End are two of Elon University’s biggest off-campus housing sites, located off of West Trollinger Avenue and East Lebanon Avenue, respectively. About 240 residents live in both properties in total.
On Jan. 12, tenants were notified that RedStone Property Management would no longer manage Trollinger and West End. On Jan. 15, RedStone officially stopped operating the properties. But it wasn’t until Jan. 20 that residents heard from the new management company, Asset Living — a five-day gap that left many students unsure who to contact, where to pay rent or how to report maintenance issues.
West End resident and Elon University senior Annie Gosen said she was glad to find out who was managing the property.
“Still don't know much about them,” Gosen said. “We received an email introducing themselves. However, I personally didn't get that email. My one roommate did, and it just got sent to her spam or junk folder.”
Who owns the properties now?
The new owner, Thalweg Capital Management, is a real estate investment group co-founded by Elon alumnus Jennings Milholen ’19 and managing partner Trey Riddle. According to Milholen, the company purchased both properties earlier this month and hired Asset Living, the largest student housing management company in the U.S., to run day-to-day operations.
According to both Milholen and Riddle, one of their biggest goals is to improve responsiveness and day-to-day service. Milholen, a former West End resident, said he believes better management was necessary.
“I can attest that when I lived there, it took them longer than it should to fix things most of the time,” Milholen said.
Riddle said Milholen’s experiences, alongside those of modern residents, led Thalweg to bring in Asset Living.
“In recent years, tenants have had to deal with longer lead times on things getting fixed, things you just shouldn’t have to accept,” Riddle said. “That’s unfair to tenants. That’s what we’re changing.”
Asset Living, which is headquartered in Houston, Texas, manages 450,000 units across the nation. The company aims to “foster thriving, vibrant communities that attract and retain residents,” according to its website.
The firm now has an on-site office and property manager located in Unit A7 at Trollinger 323, open weekdays from 9 a.m. to 4 p.m.
“It does ease those nerves a little bit,” Gosen said. “Just knowing that if there is a problem, someone’s not a couple of states away, and they’re able to come and help if need be.”
Why was there a delay?
Milholen said the transition was delayed due to a combination of timing issues, the MLK holiday weekend and complications with the closing process. When regular business hours resumed on Tuesday, Asset Living contacted students.
He also said RedStone terminated utility contracts before the sale was finalized, which contributed to a temporary loss of exterior lighting at West End.
“For a few days, we were in a position where we couldn’t even start utility accounts because we didn’t legally own the property yet,” Milholen said. “That’s all been resolved now. All utilities are in our name.”
RedStone has not responded to Elon News Network’s request for comment.
Several students reported that outdoor lights around West End were off for days, making the complex noticeably darker at night, according to Gosen.
“I didn’t realize how much comfort the lighting gave until it was gone,” Gosen said. “It felt kind of eerie.”
Just days after the transition, forecasts began calling for a major winter storm in the area. Riddle said the forecast immediately shifted priorities.
“Our first priority was making sure the property was ready for the storm,” Riddle said. “I’ve been on site basically every day this week.”
Milholen said the new ownership team has already replaced at least one furnace for a resident who had been without reliable heat.
“That’s not something anyone should be dealing with in January,” he said.
What’s changing long-term?
According to Milholen, Thalweg and Asset Living have major renovation plans for both properties, which include the following:
- New outdoor amenities at West End, including a sun deck, fire pit lounge, beach volleyball court and green space for events
- Renovations to Trollinger units this summer
- Renovations to West End units next summer
- New appliances for West End units starting this summer
- Interior upgrades including cabinets, countertops, flooring, lighting and bathrooms
The West End apartment complex on Jan. 24.
Riddle emphasized their desire to improve the property.
“West End hasn’t really been updated in a long time,” Riddle said. “We want the quality of the property to reflect how good the location is.”
Gosen said her apartment was renovated before she moved in, but other non-improved units were in need.
“Renovations could definitely improve West End,” Gosen said. “Some of the apartments could definitely use it.”
Asset Living has a turbulent history with renovations. In 2021, University of North Carolina, Charlotte, students were forced to live in hotels for several weeks after apartments managed by Asset Living were not completed by move-in, according to a report by Queen City News. Residents paid rent on unfinished apartments and were not offered alternative housing until four days before move-in.
Will rent go up?
Milholen said current leases will be honored, and students who already signed leases for next year will not be displaced.
There will be rent increases for renovated units in the future, he said, but they will be in line with the local market.
“With the upgrades and amenities, it’ll be a higher-quality product,” Milholen said.
Gosen said communication has improved compared to the days immediately after the switch. She said she’s still cautious about the change, but hopeful.
“Only time will tell,” Gosen said. “I hope that there's not too big of changes or any issues in the future.”
What students should know
- Asset Living now manages both Trollinger and West End
- An on-site leasing office is open at Trollinger, Unit A7
- Leases already signed will be honored
- Students interested in applying to Trollinger and West End can apply via a new landing page
- A new website and resident portal are being rolled out
- Students with issues can contact the on-site property manager, Sterling Gilchrist, or Asset Living directly
- As the storm approaches, new ownership says their focus is simple: keeping residents safe, warm and informed
Riddle acknowledged that it hasn’t been a perfect transition.
“But we’re here, we’re on site, and we’re getting things squared away,” Riddle said.