Village Promenade is a 515-Bed best-in-class student housing asset at Ball State University in Muncie, IN. The property is the only truly walkable purpose built amenitized student housing project in the market, constructed in 2014 just one block from campus.
The property features a mix of 1, 2, 3 & 4 bedroom units, all with bed-bath parity. Amenities include garage parking, fitness center, courtyard with pool, rooftop sundeck, fitness center, study rooms and computer lounge. Units include granite countertops, designer flooring, wireless internet, California-style closets and in-unit washer/dryers.
Ball State University is Indiana’s fourth largest university located about an hour northeast of Indianapolis. Total enrollment in Fall 2022 was 19,796, up 2.5% over 2021 with first year enrollment up 6%.
Village Promenade is 93% occupied for the 2022-23 school year, slightly beating the competitive set with market leading rents given the quality and location. With a significantly larger freshman class this year, there is an opportunity for future occupancy and leasing gains. This, coupled with leasing up nearly 5,000 SF of vacant retail space and superior management, offers significant value add optionality. Village Promenade is offered free and clear of existing debt.
Ball State University
Ball State University is a public research university located in Muncie, Indiana. Originally an attempt at a private teachers college by local industrialists the Ball Brothers, the Ball’s gave the school and surrounding land to the State of Indiana in 1917, after the philanthropists’ first failed attempt. BSU, or Ball State, as it is colloquially known, has existed in its current form since 1965. Today, Ball State enrolls more than 20,000 students annually, hailing from all over the country and more than 40 other countries. The 2021-2022 school year saw freshman enrollment increase by more than 6%, a strong recovery following the Covid Pandemic. Ball State created a “test-optional” applicant option in 2019, and officials praise this new alternative option for its potential to boost future enrollment as BSU appears to show stronger post-pandemic recovery numbers than other Indiana institutions.