$2MM+ NOI Upside via Conventional Conversion
Both properties are currently run as by-the-bed, student assets. By opening up the renter pool to conventional renters, a new owner could increase NOI by over $2,000,000.
2017-Built Assets with Top-of-Market Amenities
Evolve Tuscaloosa and UNCOMMON Oxford’s interiors feature top-of-market finishes, including granite countertops, stainless-steel appliances, open floor plans, and hardwood-style floors. Additionally, their amenity sets are superior to any conventional properties in Tuscaloosa or Oxford.
Both assets benefit from A+ locations. Evolve Tuscaloosa overlooks the Black Warrior River and is situated with outstanding visibility at the intersection of McFarland Blvd and Jack Warner Parkway, with 46K and 21K daily traffic counts respectively. UNCOMMON Oxford’s Downtown location is pedestrian to campus and benefits from benefits from walkability to Oxford’s famous Square.
Strong Market Fundamentals in Tuscaloosa and Oxford
Fundamentals for conventional multifamily in Tuscaloosa and Oxford are outstanding. Average occupancy among conventional assets averages 97% and 96% in Tuscaloosa and Oxford, respectively. Limited conventional supply has strengthened these metrics, and neither market has any conventional developments in the pipeline.