2300-2400 Glenna Goodacre Blvd, Lubbock, TX, 79401-2287, US

Centre Suites Student Living

资产描述

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present Centre Suites (the “Property”), a 575 unit / 861 bed student housing community located in Lubbock, TX. The Property is the best located asset serving Texas Tech (the “University”), and with value-add programing will be positioned as the best asset in the market. Texas Tech serves over 41,000 students, and has pushed enrollment faster than almost any other 40,000+ university in Texas. With growing academic programs and elite athletics, applications have increased by over 55% in the past decade.

Centre Suites is currently priced at a substantial discount to top-of-the-market rents. The Property hosts the largest units in the market with the best location, across the street from campus. Current ownership has completed over $8 million in capital improvements at the Property, but most units remain unrenovated. With renovated units, new ownership can bridge 75% of current discounts and unlock over $2.4 million in rental revenue.

New ownership is additionally presented with low-hanging opportunities such as improving paint and lighting, touching-up amenities, and making better use of empty common areas. With these further changes, Centre Suites can reasonably position itself as the premier asset at Texas Tech.

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属性

单位数量

575

床

861

建成年份

2009

占用率

92%

媒体

投资亮点

41,000+ ENROLLMENT, POWER-4 UNIVERSITY

Texas Tech’s student housing market is supported by a growing student body of over 41,000. The University has outpaced nearly all other 40,000+ Texas Universities in growth, and serves as the key university in the Texas Tech system. The University has increased applicants by over 55% in the past decade and is well positioned for continued growth.

TOP LOCATION IN THE MARKET & RETAIL

Centre Suites is located across the street from Texas Tech’s campus, and surrounded by the premier off-campus retail offerings at Texas Tech. This location sets the property above the competitive set.

OUTSIZED LEASING PERFORMANCE OFFERED BY SUBMARKET

The submarket of properties to the near-east of campus has achieved consistent rent growth over 4% and is currently 94% occupied, ahead of the rest of the market. Within this submarket, Centre Suites’ location is unmatched.

LARGEST UNITS IN THE MARKET

Centre Suites offers the largest units in its competitive set, complete with 11-14-foot ceilings. Given the combination of size and location, should be priced to the top of the market following a value-add program.

SUBSTANTIAL MARK-TO-MARKET OPPORTUNITY

Current ownership has renovated 14% of property units. Given the advantages held by Centre Suites, new unit interiors can push rents to the top of the market. With full renovations, new ownership can bridge current discounts by 75% and unlock $2.4 million in additional revenue.

ADDITIONAL LOW-HANGING VALUE-ADD OPPORTUNITIES

In addition to completing unit renovations, new ownership can further push rents through low-hanging operational improvements. The Property can benefit from improved lighting, renewed painting, a refresh on amenities, and better use of empty common areas. These improvements will solidify the Property as the best in the Texas Tech market.