Casa Bandera - Las Cruces
855 East University Avenue, Las Cruces, NM, 88001, US
232 Einheiten
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present The Verge Las Cruces (“The Verge” or the “Property”), a 168 unit / 492 bed student housing property serving New Mexico State University (the “University” or “NMSU”).
Verge at Las Cruces has demonstrated strong performance and is on track to achieve 7% rent growth for the 24/25 Academic Year (“AY”), ahead of the market’s strong rent growth of 5.8%. The Property also boasts excellent occupancy rates, with pre-leasing occupancy at 98%, highlighting its desirability and strong market demand.
The asset is the closest student housing property to campus (0.15 miles) and is adjacent to the main thoroughfare of restaurants and nightlife.
One unique advantage for Verge at Las Cruces is the scarcity of new construction in the market. Over the past 23 years, there has been minimal new construction in the Las Cruces market, with only 1,923 units delivered during this period. Specifically for student housing, there have been no new developments in over five years. Looking ahead, there are no developments in the pipeline, indicating strong market performance and limited competition for the foreseeable future.
Fall 2023 enrollment numbers show a 3% system-wide increase compared to last year, with the Las Cruces campus surpassing its pre-pandemic enrollment levels. The Fall 2023 headcount stands at nearly 15,000, a 4% increase over Fall 2022 enrollment.
ENROLLMENT UPDATE From New Mexico University:
“The unduplicated headcount for NMSU’s Las Cruces campus includes 15,417 undergraduate and graduate students, an increase of 4.2% over fall 2023. Undergraduate continuing student enrollment is up another 3.6% this fall, at 8,196 students. First-time freshman enrollment remained steady, with more than 2,400 new students in this year’s cohort.”
STRONG ASSET PERFORMANCE
The Property is located in the NMSU student housing market which has averaged 95% occupancy over the last 10 years. The Verge at Las Cruces has performed at the top of this market, achieving 98% preleasing occupancy and 7% rent growth going into the 24/25 AY.
PREMIER LOCATION
The Verge at Las Cruces’ premier location just 0.15 miles from campus and adjacent to retail provides students ease of access to the NMSU community.
EMPTY DEVELOPMENT PIPELINE CREATES VALUE-ADD OPTIONALITY
Only 1,923 multifamily and student housing units have delivered over the last 23 years. In the student housing market alone, there have been no new developments over the last five years. This creates ample runway for the next buyer to upgrade units at the Property to achieve top-ofmarket premiums.
TRENDING UNIVERSITY
New Mexico State University has rebounded following the post-pandemic enrollment decline. The headcount for Fall 2023 stands at nearly 15,000, a 4% increase over Fall 2022 enrollment. This includes a 3.7% increase in undergraduate and graduate students at the Las Cruces campus, with firsttime freshman class enrollment up by 3.4%.
NM LICENSEE
Robert Dmytryk
214.438.6393
robert.dmytryk@jll.com
NM License #53075