Sonder Fields
14798 SE Parklane Dr, Happy Valley, OR, 97015, US
180 units
Jones Lang LaSalle, Inc (“JLL”) is pleased to present the opportunity to acquire Alight Columbia (the “Property” or “Alight”), a recently renovated 206 unit / 700 bed student housing asset serving the rapidly growing University of South Carolina (“USC”). USC is the flagship school of the fastest growing state in the country and is located in the capital city of Columbia which has grown by 25% in the last decade. With a total enrollment of 36,300 students, USC welcomed their largest freshmen class in school history in the fall of 2023 and the school announced a new high watermark of 50,000 applicants and counting (6,000+ increase) for fall 2024.
The Property, which underwent an extensive $12M renovation program in 2022, is now well-positioned to improve performance. Acute enrollment growth and tightening supply have quickly improved USC's market fundamentals, evidenced by Alight's Fall 2024 pre-leasing velocity of 61.1%, which represents a 23.4% increase year-over-year (April 2024).
Scion prioritized stabilization during the AY 2024-25 leasing season. The property is currently 61.1% preleased as of April 2024, 23.4% ahead year-over-year.