The Tristan
1559 West 9 Mile Road, Pensacola, FL, 32534, US
242 units
Description
Jones Lang LaSalle is pleased to present Canvas Townhomes, a 335-unit, 920-bed purpose-built student housing community serving West Virginia University in Morgantown, WV. Built in 2009, the Property features 100% bed-bath parity and delivers the most spacious units in the market at 1,614 square feet per unit—50% larger than the competitive average.
Current ownership has invested $3 million in renovations, with upgraded units commanding $100–$145 per bed premiums. Completing renovations on roughly 40% of remaining inventory generates $500,000 in additional cash flow annually—a fully de-risked value-add opportunity.
WVU achieved record enrollment momentum in Fall 2025, with first-time freshman enrollment up 7% and retention reaching 85%. With zero new supply in the pipeline and only 50% of students housed, the market presents sustained demand in a high-barrier-to-entry environment.
Dan Adamski License #: WV - WV0028471
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Attributes
Number of units
335
Beds
920
Occupancy
90%
Year built
2009
Media
Investment Highlights
• Proven Value-Add Execution – $3M owner investment validates strategy; $100–$145/bed premiums achieved on upgraded units
• Clear Path to $500K Cash Flow Growth – Renovate 40% of remaining units using de-risked playbook
• Market-Leading Product – 1,614 SF average unit (50% larger than competitors) at 30% discount to market $/SF
• Strong University Fundamentals – WVU R1 institution; 7% freshman enrollment growth; new leadership driving momentum
• Supply-Constrained Market – Zero pipeline; 7% capture rate for 95% occupancy
• Immediate Cash Flow – 90% occupied for 2026-27 AY; 4% YOY rent growth; stabilized operation
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Canvas Townhomes (WVU) (0 Properties)
