3 PROPERTY STUDENT HOUSING PORTFOLIO. True value add opportunity with a portfolio occupancy of just 85%. OFFERED ON ALL-CASH BASIS FREE & CLEAR OF EXISTING DEBT. OFFERS ON INDIVIDUAL ASSETS WILL BE CONSIDERED.

TRUE VALUE ADD OPPORTUNITY

Each property in the portfolio represents a unique value add situation. The two Boardwalk properties have significantly below market occupancies while University Ridge is a prime light rehab candidate.

Overall student housing market occupancy north of 95% in aggregate at the three universities.

These assets are the only student housing properties in the current owners portfolio and while they have continued to work to stabilize the portfolio, there is obvious room for improvement in occupancy and operation.

The two Boardwalk properties include significant development land components for additional beds or various other potential uses.

Click the Download Documents button on the left of this page to view the full Offering Memorandum and supporting Due Diligence materials.

The Boardwalk Portfolio is located at 3 different universities, the University of Alabama, the University of Southern Mississippi and Middle Tennessee State University.

THE UNIVERSITY OF ALABAMA

  • At 7,559, the incoming freshman class for 2016 is up 4.83% from last year. It is the largest freshman cohort in the University of Alabama’s history.
  • The University of Alabama is the fastest growing state flagship university in the United States by a wide margin. Undergraduate enrollment at Alabama has increased by 114.22% since 2001, growing by an average of 1,085 students per-year.
  • Non-resident enrollment has surged over the same span. In 2001, students from outside the state of Alabama represented 22.15% of all undergraduates. At the start of the 2016–17 academic year, the non- residents comprised 57.10% of the undergraduate student body.
  • Total undergraduate enrollment has increased by an average of 5.80% for the last decade.
THE UNIVERSITY OF SOUTHERN MISSISSIPPI
  • In fall 2016, incoming freshman enrollment at the University of Southern Mississippi’s flagship campus in Hattiesburg increased by 2.03%.
  • The 2016 incoming freshman class is the most academically gifted in University history, with a median GPA of 3.33 and an average ACT score of 22.94.
  • 1,820 new students transferred to USM for the 2016-17 school year, an increase of 9.84% over the previous academic year.
  • The freshman retention rate increased from 72.4% to 74.3% - the largest positive swing in decades.
MIDDLE TENNESSEE STATE UNIVERSITY
  • Freshman enrollment increased by 1.36% for the 2016-2017 Academic Year.
  • Between 2013 & 2015, freshman retention increased from 68.2% to 73.2%, which correlates to approximately 150 more students continuing their education at MTSU.
  • MTSU is the No. 1 Destination for Transfer Students in Tennessee, with more 2,000 students transferring there in 2015–2016.
  • With an Enrollment of over 22,000 students, MTSU is the largest university in the Tennessee Board of Regents (TBR) system.

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Boardwalk Portfolio

UA, USM & MTSU

Price  //  Subject to Market

Units  //  500

Beds  //  1,712

Square Ft.  //  741,908

Year Built  //  2005-2008