Mezza
US - Jacksonville, FL
440 units
Asset Description
Jones Lang LaSalle, Inc. is pleased to present the opportunity to acquire Flatiron, a newly constructed, trophy student housing property located steps from Louisiana State University, (“LSU”) in Baton Rouge, Louisiana.
A boutique-sized community that sets a new standard for purpose-built student housing in the LSU market, Flatiron contains 138 units and 293 beds featuring Studio, 1-bedroom, 4-bedroom and 5-bedroom floorplans. As the newest property in the market by more than 6 years, Flatiron is set to deliver in Summer 2023 with its first year in operation beginning Fall 2023. Currently 66% pre-leased as of March 2023, Flatiron is expected to stabilize at 95%+ occupancy in its first year of lease up. The interior units feature luxurious, modern finishes including quartz countertops, stainless steel appliances, 65” Smart TVs, private bathrooms and a modern furniture package.
The newest product in an obsolete student housing market, Flatiron distinguishes itself as a result of its unparalleled location adjacent to campus, notable retail within a 5-minute walk and the unsurpassed connectivity to the university and greater Baton Rouge.
Broker of Record: Greg Riera - 1431.A-ACT
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Attributes
Number of units
138 units
Occupancy
66.00%
Year built
2023
Building area Net
9,498 m²
Media
Investment Highlights
- High-quality construction with market-leading amenities adjacent to LSU
- Unrivaled positioning adjacent to campus and less than 0.25 miles from notable retailers including Walk Ons, Sonic, Pluckers, and more!
- Unsurpassed connectivity to LSU and the greater Baton Rouge region via bus stops adjacent to campus
- Tier 1 Research University with a record enrollment of 36,625 students enrolled as of Fall 2023
- Obsolete student housing market with purpose-built off-campus and on-campus student properties averaging 16 years and 34 years of age, respectively
- Only 6 Class A properties in the market averaging 97% occupancy with the newest property 6 years older and further from campus than Flatiron
- Undersupplied student market with only 60% of the student body supported by purpose-built beds and no planned developments in the pipeline
- Outstanding student housing fundamentals featuring 10.3% rent growth year-over-year
Contact brokers
Flatiron - Student Housing (0 Properties)
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Last updated
1 May 2023
