Encore at Forest Park
5700 Highlands Plaza Dr, Saint Louis, MO, 63110-1307, US
247 unités
Description du portefeuille
The Social Normal
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present The Social Normal (the “Property”), a 207 unit / 507 bed student housing community serving Illinois State University (“ISU” or the “University”). The Social Normal offers a range of unit layouts from 1x1 to 4x4, all with full bed-bath parity. The Property is 99% occupied for the 2024-2025 academic year, achieving 12.2% rent growth over 2023-2024 rents.
The Social Normal offers 115 units renovated out of 207. Current ownership has put neary $4 million in capital into the Property across units, common areas, and the property exterior. Renovated and unrenovated units have demonstrated strong occupancy and rent growth, offering new ownership optionality in either completing a valueadd program or growing organically. The ISU student housing market is 97% occupied, and has grown rents at over 5% for two years in a row.
The Social Normal offers investors attractive assumable debt. The Property has a total of $23.64 million in assumable debt at a blended rate of 4.77%. The debt offers IO through December 2026 and matures in December 2031.
The Social at Illinois State University
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present The Social at Illinois State University (“The Social at ISU” or the “Property”), a 39 unit / 156 bed student housing community serving Illinois State University (“ISU” or the “University”). The Social at ISU offers a top location in its market, across the street from the University’s main campus quad. The Property is 99% occupied for the 2024-2025 academic year after reaching 99% occupancy for 2023-2024, achieving 5.9% rent growth over that time.
As a top located property in the market, The Social at ISU is well positioned to capitalize on excellent, growing fundamentals at ISU. The University reported its largest freshman class in 37 years for the 2024 2025 academic year, with 3% growth to overall enrollment for the 2024-2025 academic year. Currently, purpose-built student housing beds on and off-campus account for less than 50% enrollment, with no development in the pipeline. The Social at ISU is well positioned to continue excellent performance given the strength of location and market fundamentals.
The Social Normal offers investors attractive assumable debt. The Property has a total of $9 million in assumable debt at a blended rate of 4.31%. The debt offers IO through December 2026 and matures in December 2031.
...
Attributs
Nombre d'unités
246
Lits
663
The Social Normal & The Social ISU (2 Propriétés)
The Social Normal & The Social ISU (2 Propriétés)
Média
Points forts de l'investissement
THE SOCIAL NORMAL
Newly Renovated Units and Strong Amenity Mix
- The Social Normal offers a variety of unit types, spanning 1x1 to 4x4, with 115 of 207 property units renovated. Current ownership has invested nearly $4 million in capital into the Property, spanning common areas, amenities, and unit finishes. The Property offers investors a highly desirable property for students with substantial capital work completed.
99% Leased, 12.2% Rent Growth for AY 24-25
- The Social Normal has grown rents at an above-market level while achieving 99% occupancy for the 2024-2025 academic year, after achieving 98% occupancy for AY 23-24. The Property has seen strong demand and rent across renovated and unrenovated units, offering optionality on further value-add programming by new ownership.
Assumable Financing
- Current ownership recently closed on an assumable supplemental loan, offering a total of $23.639 million of assumable debt at the Property at a blended rate of 4.77%, with IO through December 2026 and maturity in December 2031.
THE SOCIAL AT ISU
99% Leased, 5.9% Rent Growth for AY 24-25
- The Social at ISU has demonstrated consistent strength in leasing performance, reaching 99% occupancy for the 2024-2025 academic year, after reaching over 99% for the 2023-2024 year. Over this time span, the Property also grew rents by nearly 6%. The Social at ISU has proven to be consistently desirable for ISU students.
Top Location 0.1 Miles from Main Campus
- Helping drive strong performance at the Social at ISU is its premier location, 0.11 miles from campus and adjacent to the University’s main campus quad. This location is among the best in the local market and will support future demand.
Assumable Financing
- Current ownership recently closed on an assumable supplemental loan, offering a total of $9 million of assumable debt at the Property at a blended rate of 4.31%, with IO through December 2026 and maturity in December 2031.
Contactez les courtiers
JLL peut vous aider à financer et à gérer votre portefeuille. Envoyez-nous un courriel aujourd'hui pour voir comment nous pouvons vous aider à réaliser vos ambitions.
Dernière mise à jour
24 oct. 2024
