Rogue Valley Village
3761 South Pacific Highway, Medford, OR, 97501, US
2.793.000 € | 76 Einheiten
Jones Lang LaSalle Americas, Inc. ("JLL") is pleased to present Level 27 (the "Property"), a 216 unit / 756 bed student housing community in Oxford, Ohio. Level 27 serves the student body of Miami University (the "University," "Miami," or "Miami of Ohio"), which enrolled 18,838 students for the 2024-2025 academic year ("AY"). Miami received a record number of applications for the 24/25 AY, which led to the 1.2% year-over-year enrollment growth this Fall.
Current ownership utilizes creative leasing strategies by renting some of the 3-bed and 4-bed units to two tenants. This strategy has identified demand as these units have higher occupancy and average rent per tenant. A new owner can build upon this strategy to significantly increase occupancy while concurrently lowering operating costs due to the fewer number of tenants.
Miami University ranked as one of the Top 50 Best Value Colleges among public universities by Princeton Review. Coming in at #28 in the country, Miami is the highest ranked school from Ohio on the list. Further, the University ranked #30 in the U.S. and one of only eight public universities on Altrata's University Alumni report, which ranks universities with wealthy and influential alumni. The affordable tuition coupled with an affluent alumni network and solidified school reputation poise the University for continued enrollment growth.
By optimizing the unit mix and capturing the market's demand with no need to fund a value-add program, a new owner can unlock outsized yield at an attractive basis in a college town with growing year-over-year enrollment.
UNIT MIX FLEXIBILITY
Current ownership has tested the demand for creative leasing structures by renting 3-bed and 4-bed units to two tenants. The 2-bed / 3-bath with study units are 96.7% occupied and the 2-bed / 4-bath units are 95.5% occupied. With the demand proven, new ownership can lease the remaining 3x3 and 4x4 units with this strategy to boost occupancy and cashflows, which will concurrently reduce operating expenses as a result of the fewer tenants.
SIGNIFICANT DISCOUNT TO REPLACEMENT COSTS
This investment opportunity is offered at a significant discount to replacement costs. A new owner can achieve outsized yield without the need of intensive CapEx with an attractive basis.
DIFFERENTIATED AMENITIES
Level 27 offers the in-demand amenities that students seek to elevate their living experience, including furnished units, a modern fitness center, outdoor sport courts, a gaming lounge and clubhouse, and more. These amenities enhance the marketability of the Property over the antiquated shadow market.
HISTORY OF INSTITUTIONAL OWNERSHIP
A new owner will benefit from the exceptional upkeep by the previous ownership groups, all of which were institutional investment managers who contributed both offensive and defensive capital to the Property since delivery.
RENT DISCOUNT TO SHADOW HOUSING
Surrounding campus and uptown are standalone annex houses. These homes often house 6-10 residents with 2-4 bathrooms, were built nearly 100 years ago, and don’t offer any amenities, yet they’re leased for $5,600+ per student per semester. That equates to $1,400+ per month, which is $860+/month higher than the average rate at Level 27.