The ISU Portfolio is a grouping of eight student housing properties all within walking distance of Illinois State University in Normal, IL. Totaling 109 units and 391 beds, the portfolio is 97% occupied for the 2021-22 school year and ahead of pace on pre-leasing for 2022-23.
Illinois State University boasts a total enrollment of 20,233 (Fall 2021) and has been remarkedly steady over the past 20 years, with enrollment almost always between 20,000 and 21,000. With essentially no new development in the pipeline, the student housing market at ISU has been strong with the entire market running at 98% and pre-leased to 77% for next year.
The portfolio offers a substantial value add opportunity with mostly original unit interiors. Newer or renovated properties are achieving rents of $150-$300/bed higher. The portfolio is offered with the ability to assume the existing non-recourse Fannie Mae financing with 8 years remaining on the term including two years of interest only.
Illinois State University
Illinois State University's enrollment has been remarkably steady for more than 20 years - never really dropping below the watermark of 20,000 while peaking at 21,310 in the fall of 2011. Even the COVID-19 pandemic couldn’t buck that trend, as enrollment decreased by just 158 students (-0.76%) between fall 2019 and 2020.
ISU offers a wide variety of academic specialties from its six degree-granting colleges, with strengths throughout. Within the six colleges there are 34 academic departments, 67 undergraduate programs in more than 188 fields of study. The Graduate School at ISU operates 39 master’s, two specialist, and eight doctoral programs. The Katie School of Insurance and Financial services is consistently ranked as one of the top schools of its kind in the country.