Outstanding Demographics & Location
Within a three-mile radius of the property, the average household income is $98,000, and 55% of households have annual incomes over $75,000. The property is located along Daphne Avenue just off of Highway 98, the Eastern Shore’s primary travel artery.
Impressive Operating History and Trajectory
Over the past year, rents on new leases increased by 11% ($153), while renewals increased 3.5% ($47). New leases for 2br units averaged $1,431, and new leases for 3br units averaged $1,730.
BFR Comps Support Increased Rents
Rents at BFR comps along the Eastern Shore with the exact same floorplans exceed those at Palladian at Jubilee Ridge by ~$150, and the competitive set averages 97% occupancy.
Highly Desirable BFR Product
Demand in the Built-for-Rent (BFR) sector is forecasted to outpace supply in the coming years, which will increase the value of existing BFR assets like The Palladian at Jubilee Ridge, one of just five existing BFR communities along the Eastern Shore.
7th Fastest Growing MSA in the US
Daphne is the largest municipality in Baldwin County, Alabama’s fastest growing county. The Daphne-Fairhope-Foley MSA is the 7th fastest growing in the US.