
Aura 509
509 North Mangum Street, Durham, NC, 27701, US
182 單位
Jones Lang LaSalle Americas, Inc. ("JLL") is pleased to present Live on Hillsborough (the "Property"), a 203 unit, 375 bed student housing community serving North Carolina State University ("NC State" or the "University"). The Property offers 2013 - 2019 vintage student housing pedestrian to NC State, and serves as the top value option among its 2010+ vintage competitors, with rents $175 - $400 below the comp set average. Property leasing performance has consistently reached mid-to-high 90%; exceeding 90% pre-leased as of July, Live on Hillsborough is poised for another strong lease-up.
NC State expects to add nearly 4,000 students through 2030, and concurrently expects a shortfall of 2,400 campus beds vs. 25/26 AY demand. The University has been vocal regarding its lacking on-campus supply, and shifted students' attention to the purpose-built off-campus market. This dynamic has generated 95%+ occupancy throughout the 2020s. Through 2030, enrollment growth is expected to match new off-campus supply, with 3,764 new students and 3,781 new beds. There is no imminent solution to the University's housing shortage.
New ownership can match the competitive set by charging residents for electric usage, and cut the cable expense at the Property. These improvements will generate over $250,000 in additional NOI.
NC Multi-Family Contact:
John Mikels
NC License #: 277202
919.971.8262