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Asset description
Jones Lang LaSalle Americas, Inc. ("JLL") is pleased to present The Cottages at Corpus Christi (the "Property" or "The Cottages"), a 153-unit, 500-bed student housing community serving Texas A&M University Corpus Christi (the "University" or "TAMU-CC") in Corpus Christi, TX. The Cottages at Corpus Christi offers exclusively cottage-style homes, featuring some of the largest floor plans in the market. Residences range from two to five bedrooms, each designed with private bedrooms and en-suite bathrooms. Every home comes complete with a patio, while select homes also have private balconies.
The Cottages serves Texas A&M University Corpus Christi whose enrollment surpassed 10,800 students in the Fall of 2023. This marked the University's third consecutive year of enrollment growth. TAMU-CC offers 85 academic programs, creating an individualized learning experience for students. The University is one of 135 institutions listed as an R2-High Research Activity Campus by the Carnegie Commission of Higher Education. TAMU-CC also hosts 9 Division 1 athletic teams who compete as the Islanders.
The TAMU-CC student housing market has rebounded heading into the 24/25 Academic Year ("AY"), benefitting from the continued strength of the University. The student housing market is currently 95% occupied while growing rents 7%. The Cottages is a market-leading asset, achieving 98% occupancy and 8% rent growth for the 24/25 AY.
Corpus Christi, a vibrant city of more than 316,000 residents, boasts a diverse and robust job market. Major employers in the area include TAMU-CC, the Naval Air Station Corpus Christi, and the Corpus Christi Medical Center Bay Area. Collectively, these institutions contribute over 12,000 jobs to the local economy, serving as pillars of employment and economic stability for the region. This strong employment base, coupled with the city's strategic location on the Gulf Coast, positions Corpus Christi as an attractive destination for both businesses and job seekers alike.
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Investment highlights
STRONG ASSET PERFORMANCE
The Cottages at Corpus Christi is a best-in-class asset that continually performs at the top of the market. The Property achieved 8% rent growth heading into the 24/25 AY while maintaining 98% occupancy.
COMPREHENSIVE AMENITY OFFERING
In addition to the spacious floorplans with private bedrooms and bathrooms, The Cottages offers tenants a complete amenity package. Tenants can enjoy the 24/7 fitness center, beach volleyball court, resort style pool, pet park, private study lounge, and more.
PREMIER ASSET LOCATION
The Property is located along the TAMU-CC bus route and adjacent to retailers such as Whataburger, Jersey Mikes, and CVS, creating a live-work-play environment for tenants.
HOUSING MARKET FUNDAMENTALS
The TAMU-CC student housing market has rebounded heading into the 24/25 AY. The market is 95% occupied, 8% over Fall 2023 occupancy, while achieving 7% rent growth. Additionally, there are no developments in the pipeline, creating certainty of continued market performance.
POSITIVE STUDENT LOCAL ECONOMIC DRIVERS
The Cottages at Corpus Christi is surrounded by several major employment and economic drivers.
-Naval Air Station, Texas A&M University, Corpus Christi Medical Center Bay Area