Three Student Housing Properties Totaling 120 Units & 384 Beds. Walking Distance to Northern Illinois University. Freshman Class Size Up Each of the Last Two Years. Increased Visibility Due to Football Success Including an Orange Bowl Appearance in 2013.

is comprised of three student housing properties serving Northern Illinois University in DeKalb, IL. The first property, Stadium View II was built in 1990 in the shadow of Huskie Stadium. It consists of sixty 4 Bedroom / 2 Bath units with two floor plans and ample lot parking. In 2005, Stadium View III was constructed on an adjacent lot. This smaller property has twenty-four 2 Bedroom / 2 Bath units. The last property, constructed between 1996 and 1998 is called College Park. It consists of 7 buildings containing 36 units, a mix of 1 Bedroom / 1 Bath apartments and 4 Bedroom / 2.5 Bath townhouses.

The properties are all within walking distance to NIU’s campus. Stadium View II & III are located on the main commercial thoroughfare, Lincoln Highway. The site is adjacent to the athletic campus and less than a half mile from many academic buildings. College Park is located approximately 1 mile north of campus in a popular residential neighborhood containing numerous other student housing complexes. Although all the properties have parking, many students walk or take the Huskie Bus Line which stops in front of each location.

The portfolio is over 99% occupied for the 2013-14 school year and has consistently leased to nearly 100% each year. The competitive set of properties in the market averaged over 99.5% occupancy for the 2013-14 school year with rent levels that are 20% higher on a per square foot basis. The opportunity is there to upgrade units and push rents in a market with very little high quality product and no new construction.

The campus of Northern Illinois University is spread over 756 acres in DeKalb, Illinois, approximately 65 miles west of Chicago. NIU can trace its origins back to 1895, when the initial charter was composed for Northern Illinois State Normal School, which eventually would be renamed Northern Illinois University in 1957. The original intent behind the founding of the school was to produce more college-educated teachers in the state of Illinois. While that strong foundation in education studies still exists, NIU has broadened its scope to offer 57 different undergraduate majors and 80 graduate programs, attracting students from throughout the country and 116 different countries around the world.



Total enrollment at Northern Illinois University for 2013 was 21,138. In-State residents accounted for more than 20,000 students. Tuition and fees for in-state undergraduates in 2012 was $13,065 and $22,552 for out-of-state residents.



While enrollment numbers are down from a peak of 25,449 in 2005, there are signs of encouragement. Freshman enrollment rose in 2012 by almost three percent and there has been an overall increase in applications, with a dramatic 34% jump in international student applications. The Freshman class of 2013 continued the trend with a half-percent rise from the year before. Over 90% of enrolled students are from Illinois, with the vast majority of those being from the Metro Chicago area.



The past few years have been an arduous journey for Northern Illinois University, but there are many bright spots on the horizon. If the university can keep attracting and engaging new freshman, and the administration can to continue to guide the institution in the right direction, there is no reason to believe that NIU can not emerge a stronger and better university.

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Stadium View Portfolio

Price  |  $7,620,000

Beds  |  384

Square Ft.  |  120,970 SF

Year Built  |  1990-2005

Cap Rate  |  7.50%