100% Occupied with Heavy Year-Over-Year Rent Bumps
The properties are currently 100% leased for 2023-2024 school year at increased rates, that will bring in over $43,000 in monthly rental revenue and ±$520,000 annually. 2024-2025 leasing begins in October ‘23 with 7%-8% rent bumps on average.
A+ Pedestrian to Campus Locations
All properties are located north of 15th Street within “The Box” in prime locations, positioned 0.1 to 0.3 miles from campus. These locations offer ideal walkability to campus and night life as well as significantly higher rents.
Enrollment at The University of Alabama hit an all-time high for the 2022-2023 school year. With over 38,500 students, enrollment has grown 51% over the past 15 years. This steady growth has led to strong pre-leasing for fall 2023 at 96% for properties within 0.5 miles of campus.
New, Low- Maintenance Product With Bed-Bath Parity
The portfolio was built within the last 7-11 years with minimal upkeep finishes, such as granite countertops and hardwood floors. The portfolio offers bed-bath parity.
Rare Opportunity Near Restricted Building Zone
The portfolio is located outside of the City of Tuscaloosa Historic Districts, which are subject to building restrictions as well as measures to reduce student housing within the area. The portfolio offers an opportunity to acquire scale in an elusive market.