The Verge

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present The Verge Las Cruces (“The Verge” or the “Property”), a 168 unit / 492 bed student housing property serving New Mexico State University (the “University” or “NMSU”).

Verge at Las Cruces has demonstrated strong performance and is on track to achieve 7% rent growth for the 24/25 Academic Year (“AY”), ahead of the market’s strong rent growth of 5.8%. The Property also boasts excellent occupancy rates, with pre-leasing occupancy at 98%, highlighting its desirability and strong market demand.

The asset is the closest student housing property to campus (0.15 miles) and is adjacent to the main thoroughfare of restaurants and nightlife.

One unique advantage for Verge at Las Cruces is the scarcity of new construction in the market. Over the past 23 years, there has been minimal new construction in the Las Cruces market, with only 1,923 units delivered during this period. Specifically for student housing, there have been no new developments in over five years. Looking ahead, there are no developments in the pipeline, indicating strong market performance and limited competition for the foreseeable future.

Fall 2023 enrollment numbers show a 3% system-wide increase compared to last year, with the Las Cruces campus surpassing its pre-pandemic enrollment levels. The Fall 2023 headcount stands at nearly 15,000, a 4% increase over Fall 2022 enrollment.

ENROLLMENT UPDATE From New Mexico University:

“The unduplicated headcount for NMSU’s Las Cruces campus includes 15,417 undergraduate and graduate students, an increase of 4.2% over fall 2023. Undergraduate continuing student enrollment is up another 3.6% this fall, at 8,196 students. First-time freshman enrollment remained steady, with more than 2,400 new students in this year’s cohort.”

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