Varsity & Collegiate Madison

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present Varsity and Collegiate (the “Properties” or “Portfolio”), two student housing communities comprised of 55 units, 137 bedrooms, and 242 beds that serve the University of Wisconsin-Madison (“UW-Madison,” the “University,” or “UW”). The Portfolio’s iconic location along Lake Street across from campus and the Memorial Union Terrace anchor each side of State Street, a pedestrian-only corridor lined with iconic bars and restaurants that leads to the Wisconsin State Capitol Building.

The Portfolio was built in 2000 and 2005 and has been locally operated since. With significantly below market rates and superior location to high-basis new supply, the next owner can continue to operate the assets as-is or upgrade units, achieving outsized ROI and still maintain a sizeable gap to newer product.

UW-Madison is a Tier 1 Power Five University that received a record 73,912 applications for Fall 2025 (a 12% year-over-year increase), resulting in the fourth-largest freshman class in UW-Madison history. The University is poised for continued growth, with its $4B budget recently approved by the State of Wisconsin. UW-Madison is a cornerstone of the state’s economy, generating nearly 190,000 jobs and over $30B of economic impact.

The Madison off-campus housing market achieved 97% occupancy with 8% rent growth for the 2025-2026 Academic Year (“AY”), materially outperforming national student housing benchmarks. The off-campus student housing market has averaged 97% occupancy over the past 10 years, while absorbing 9,000 new beds. With the University’s outsized enrollment growth, this supply-demand imbalance is expected to persist through 2029, creating a housing shortfall for 12,000 students.