Star Properties-NIU is a 42 property student housing portfolio containing 355 units and 965 total beds. The portfolio is a mix of apartment and townhome buildings along with 5 houses, all within walking distance to the campus of Northern Illinois University in DeKalb, IL. The properties are all located north and northwest of campus, some directly across the street from the university, some up to a mile away in the newer College Park area.
The units are impeccably maintained with numerous updates and many of the properties have their own washer and dryer within the units. The majority of the units have undergone recent capital improvements, including new carpet, windows, cabinets and hot water heaters. These are in-fill properties and thus do not have amenity packages to maintain.
A new owner could acquire this apartment portfolio with complete turnkey management operations. This is the rare opportunity where a long time, very successful and reputable college landlord is retiring from the business and passing the torch. The NIU market has a stable enrollment and virtually no competition from national student housing companies or new construction of any type. A new operator may be able to institute some changes from a marketing and operation standpoint to increase income while maintaining the 100% occupancy the portfolio has consistently enjoyed. The portfolio is free and clear of debt.
Total enrollment at Northern Illinois University for 2015 was 20,130. There were 15,027 undergraduates, 4,850 graduate students, and 253 students attending NIU’s College of Law. Illinois residents accounted for more than 19,000 students. Annual tuition and fees for in-state undergraduates in 2014 was $13,626 and $22,914 for out-of-state and international residents.
While enrollment numbers are down from a peak of 25,449 in 2005, there are some signs of encouragement. Between the fall of 2014 and 2015, international enrollment grew by a total of 244 students, a 28.84% increase. Graduate programs say the bulk of the enrollment increase, adding 201 new students to its ranks. Freshman enrollment increased for two straight years, before contracting in the fall of 2014. University officials are hoping to reverse that trend once again in the fall of 2016.
