Student Conversion Opportunity Below Replacement Cost
Due to its unit mix and location, Blue Haus is primed for a conversion away from student housing, to conventional multifamily, and could do so without the need for physical rehab.
Class-A product in Superior Location
Built in 2019, Blue Haus boasts top-of-the-line features and finishes and is walkable to Midtown Village’s 20+ restaurants including Chipotle, Panera Bread, Tazikis, and Five Guys, as well as its retailers such as Barnes & Noble, Best Buy and Old Navy.
Tuscaloosa Outperforms Peer Markets
Conventional product in Tuscaloosa has consistently outperformed peer markets in the state. Tuscaloosa’s vacancy rate on Class A & B properties is expected to average just 2.3% over the next five years, while rent growth is projected to average 4.5% during the same period.
Lack of Conventional Inventory
Only three conventional projects with more than 50 units have been delivered in Tuscaloosa over the past decade. As a result, there is a shortage of quality conventional product.
Free and Clear
The property will be delivered free and clear of any existing debt.