Map pin800 Alexander Rd, Cayce, SC, 29033-4378, US

Alight Columbia - Student Housing

Alight Columbia - Student Housing_Immobilie zu verkaufen

Eigenschaften

Baujahr
1993
Gebäudefläche Netto
21.814 m²
Grundstücksfläche netto
7,69 Hektar
Anzahl der Einheiten
206 Einheiten
Anzahl der Etagen
3 Etage(n)
Vermietungsstand
65 %

Objektbeschreibung

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 (3,300 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 49.3%, which represents a 17% increase year-over-year. 

...

Investment-Highlights

  • Scion prioritized stabilization during the AY 2024-25 leasing season. The property is currently 49.3% preleased as of March 2024, 17% ahead year-over-year.  


  • Alight’s rents are approximately $276/bed lower than the top-performing comps in the market – offering future investors the ability to benefit from a strong AY 2024-25 leasing season and organically increase rental rates to market.


  • Built in 1994 and fully renovated in 2022, Alight Columbia is offered at a significant discount to replacement cost. The property currently leases at a $700/bed discount to what a new development would require to be capitalized in today’s market.


  • Alight Columbia is offered with little to no deferred maintenance due to significant $12M renovations completed at the property in 2022.


  • The property benefits from an assumable below-market Fannie Mae loan with an outstanding loan balance of $21.8M and a fixed interest rate of 3.98% set to mature in November 2026.


Alight Columbia - Student Housing 4_Immobilie zu verkaufen
Alight Columbia - Student Housing 4_Immobilie zu verkaufen
Alight Columbia - Student Housing (0 Objekte)

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Zuletzt aktualisiert
2. Apr. 2024