US - Jacksonville, FL
Jones Lang LaSalle Americas, Inc. ("JLL"), a licensed real estate broker is pleased to present Vie Towers (the "Property"), a fully occupied, luxury student housing community located in the Washington D.C. ("DC") metro area. A majority of the Property's tenants attend Howard University ("Howard"), and the Property also houses students from the nearby University of Maryland ("UMD"). Current ownership spared no expense when upgrading the building, which now offers in-demand student amenities including a rooftop pool deck and social lounge, another twostory, indoor social lounge, a state-of-the-art fitness center and yoga studio, a fully equipped co-working and creative space, and renovated and furnished units with luxurious finishes. These upgrades, combined with Howard’s record-breaking enrollment growth of 20% in the last two years, have fortified the Property’s reputation as the preferred favorite in the market. Vie Towers is 100% occupied for the ‘22-’23 Academic Year and is achieving 10% effective rent growth for the upcoming ‘23-’24 Academic Year.
Fundamentally, the College Park and DC student housing markets are among the strongest in the country. Over the last 10 years, student housing properties have been 97% occupied, and annual rent growth of 3.75% since 2018 outpaces the national average. Further, forecasted rent growth is expected to average 4.5% annually through 2026, providing a new operator strong and stable cashflows early in their ownership period of Vie Towers.
Both Howard and UMD have published strategic plans that outline pathways for continued enrollment growth and enhanced academic programs. In 2022, Howard announced a $785 million investment, the largest in school history, to accelerate campus renovations and construct all-new academic centers. This opportunity will enable a new owner to gain exposure in a fundamentally sound market and capitalize on the limitless growth ahead.