The Flight at Dayton

605 Alberta Street, Dayton, OH, 45409, US

Description

Jones Lang LaSalle Americas, Inc. ("JLL") is pleased to present the opportunity to acquire The Flight (the "Property"), a 143 unit / 385 bed, 2023 vintage student housing community pedestrian to University of Dayton (the "University" or "UD").

The Flight re-defined student housing at UD. It is the sole purpose-built community in Dayton, and the only property that offers a full amenity package to residents. With no supply pipeline, The Flight is well-positioned to be a cornerstone of the Dayton student experience going forward.

The Flight is a 3 minute walk to University of Dayton's campus, which enrolled 10,598 students for the 2024-2025 Academic Year ("AY"). UD is a private, Catholic research university in Dayton, Ohio. It offers a transparent “Four-Year Tuition Plan” with no tuition increases during undergrad. The Dayton Flyers compete in the Atlantic 10 Conference, and the top-ranked men's basketball team has made 19 appearances in the NCAA tournament.

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Attributes

Year built

2024

Number of units

143

Beds

385

Media

Investment Highlights

SOLE PURPOSE-BUILT STUDENT HOUSING PROPERTY IN THE MARKET

The Flight is the f irst and only purpose-built student housing community in Dayton. The Property’s distinguished reputation and one of a kind amenity offering magnifies its appeal to students and marketability for a new owner.

LONG-TERM TAX ABATEMENT

The Flight was granted a 15-year tax abatement whereby the improved value of the real estate is 100% abated through 2039. Projecting assessed values with a standard growth rate, the abatement will improve cashflow by $950k-$1.5M per year for the new owner.

PRESTIGIOUS ACADEMIC PROGRAMS

The University of Dayton is the #1 Catholic University for STEM research and development, and the University’s entrepreneurship program is consistently ranked among the top 50 in the nation.

DEMAND TAILWINDS SIGNAL FUTURE GROWTH

The University of Dayton received 22,485 first-time freshmen applications last year, the most in UD’s history, which represents a 21% increase equal to nearly 4,000 additional applications YoY. This surge pushed the acceptance rate to an all-time low 61.8%.

EMPTY DEVELOPMENT PIPELINE

There are zero student housing or multifamily projects in Dayton’s pipeline. Supply will remain flat and The Flight will continue to be the best-in-class asset as the University grows.