Salisbury Campus Apartments_Property for Sale

Salisbury/Littleton Street, West Lafayette, IN, 47906, US

Salisbury Campus Apartments

Portfolio description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the Salisbury Campus Apartments (the “Property”), a five-building, 85-unit / 290-bed student housing community that serves Purdue University (“Purdue” or the “University”). The Property is uniquely positioned directly next to the heart of Purdue’s campus and main retail corridor. Purdue University is entering its eighth consecutive year of enrollment growth driven by its 11^th consecutive year of tuition freeze, with Fall 2022 enrollment reaching 50,844 students. The strength of the University has cultivated a fully occupied student housing market that experienced 15% rent growth year-over-year. The Property is currently 100% master leased to Purdue University through the 2024-2025 academic year. Upon expiration of the master lease, a new owner can capitalize on numerous value-add opportunities.

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Attributes

Number of units

85 units

Occupancy

100.00%

Building area Gross

6,906 m²

Call for Offers

28/09/2023

Salisbury Campus Apartments (5 Properties)

Media

Investment Highlights

Tier-1, Power Five University in the Big Ten athletic conference
Year-Over-Year Enrollment Growth with Fall 2022 enrollment reaching 50,884 students, a 3% increase from the previous academic year
Future Value-Add Upside for a new owner to renovate the existing property, redevelop the 2.5 acres of land, or capitalize on the existing mark-to-market rent opportunity
#3 Strongest Student Housing Fundamentals in the Nation per College House in terms of current and preleasing occupancy, as well as highest rate per bed growth
Mark-to-Market Rent Growth Opportunity after realizing stabilized cashflows for two academic years, a new owner can increase rates going into the ’25-’26 academic year to meet the market
Premier Location located just 0.25 miles from campus and steps away from in-demand retail