100% PRE-LEASED. EXCELLENT, WALK TO CLASS LOCATION. NEW CONSTRUCTION WITH NO DEFERRED MAINTENANCE. 3.5% RENT GROWTH YEAR OVER YEAR. OPPORTUNITY FOR DOUBLE DIGIT GOING IN CASH RETURNS. ASSUMABLE NON-RECOURSE FINANCING IN PLACE.
The Lofts at Randall is a 2015 construction student housing project located just off the campus of the University of North Carolina Wilmington. The 54 units are all 4 Bedroom/4 Bathroom floor plans for a total of 216 beds, all of which are leased for the 2016-17 academic year.
Amenities include a resort-style pool, 24-hour fitness center, tanning bed, 24-hour business center, picnic area and clubhouse with a coffee bar and pool table. Units are predominantly fully furnished and feature faux wood floors, granite countertops, 50″ flat screen TVs and full size washer/dryers.
The Lofts at Randall offers the opportunity to acquire one of the best located student housing assets at growing UNC-Wilmington. There is long term non-recourse financing in place with over 11 years remaining at 4.55%, 30 year amortization.
University of North Carolina - Wilmington has an enrollment of 14,918 students (Fall 2015). This is a 2.4% increase from 2014 and marks 10+ years of consistent enrollment growth. Graduate enrollment has been increasing at even even faster pace, averaging 5.94% growth since the 1999-2000 AY. During the same span, graduate and professional enrollment has expanded from 690 to 1,700 - a total increase of 146.38%.
In May 2016, UNCW received encouraging news for the long-term outlook of the University. Moody’s Investors Services upgraded UNCW’s bonds to A1 and stated in their report that they expected the University to maintain strong student demand and state support, as well as ongoing financial reserve growth. UNCW frequently receives national recognition for the quality and affordability from Kiplinger’s, U.S. News & World Report, and The Princeton Review. For example, UNCW was recognized by Kiplinger’s Personal Finance as one of the “Best Public College Values” in 2015.