Olde Towne University Square (University of Toledo) _待售物业

1744 North Westwood Avenue, Toledo, OH, 43607, US

Olde Towne University Square (University of Toledo)

资产描述

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present Olde Towne University Square (“the Property” or “Olde Towne”), a 224 unit / 550 bed student housing community located in Toledo, OH. The Property serves University of Toledo (the “University”) and offers investors both an asset that is outperforming the local market and a value-add opportunity to establish the Property as the clear best-in-class asset at the University.

Olde Towne University Square has positioned itself as the top asset in the market. The Property is the closest asset to the University of Toledo and offers a student-centric amenity package. The Property sits next to the North Engineering building which enrolls 2,500 students, and underwent $22 Million in renovations in 2023. Olde Towne has leased ahead of market competitors in recent years at rents at or near the top of the market. The Property was fully leased for the 23/24 Academic Year (“AY”), while achieving 5% rent growth. Over the last three years, Olde Towne has performed exceptionally well, averaging 99% occupancy.

The University of Toledo is showing strong signs of future growth following enrollment decline due to the pandemic. The University is investing over $400 million into campus and the academic offerings that draw students to the University.

Olde Towne University Square stands as a best-in-class asset, boasting a 100% bed-bath parity, an array of student-focused amenities, and a prime location just a steps away from the University and nearby retail options.

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属性

单位数量

224

床

550

建成年份

2005

媒体

投资亮点

OUTPERFORMANCE IN UNIVERSITY OF TOLEDO MARKET

Olde Towne University Square has achieved historical and preleasing performance ahead of the market, with 100% occupancy and 5% rent growth for the 23/24 AY. Over the last three years, Olde Towne has performed exceptionally well, averaging 99% occupancy. With no new development in the pipeline and

significant campus investment along with strong prospects for a rebound to enrollment, Olde Towne University Square is well positioned to continue to outperform market competitors

PREMIER LOCATION CREATING ON-CAMPUS STABILITY

Olde Towne University Square is the best-located asset in the University of Toledo student housing market. The Property is located adjacent to UT’s growing engineering program and student-centric retail. Despite the Property’s 2005 vintage, Olde Towne’s rents are still top of market across various floorplans.

VALUE-ADD OPPORTUNITY WILL EXTEND LEAD OVER COMPETITORS

There have been no new student housing developments in the Toledo market for nearly a decade. This unique situation presents the next owner with an opportunity to upgrade the existing units and position themselves as the premier upscale choice for students.

CAMPUS INVESTMENT AT UNIVERSITY OF TOLEDO SIGNAL PLANS FOR GROWTH

The University of Toledo has updated its master plan in 2024 that calls for over $400 million in investments into the University’s campus. Highlights of the new master plan include a new welcome center and a state-of-the-art science building, which will support the University’s high-performing STEM programs.

Ohio Brokerage

Jon Vanderplough

Managing Director

216.870.2361

Jon.Vanderplough@jll.com