The Avenue at Norman

3301 12th Ave SE, Norman, OK, 73072-7815, US

物件概要

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present The Avenue at Norman (“The Avenue” or the “Property”) a 314 unit / 896 bed community serving the University of Oklahoma (the “University” or “OU”). The Property offers flat and townhome-style layouts ranging from studio to five bedrooms, all with 100% bed-bath parity, with most units having an additional half bathroom. The Avenue boasts the most spacious floorplans in the market, offering an attractive rent per square foot compared to its competitive set.

The Avenue serves the Tier 1, Power Four, University of Oklahoma with nearly 31,000 students enrolled for the Fall of 2024. Established in 1890, OU continues to distinguish itself from its peer set as an R1 research institution with a Division 1 athletic program that competes in the Southeastern Conference (“SEC”). The University has out-paced national enrollment trends, growing 6% for the 2024 Academic Year and 12.5% over the last 10 years.

With enrollment continuing to flourish and the housing supply unable to keep pace, demand fundamentals in this market will continue to strengthen. Currently, only 50% of students are accommodated by on- and off-campus beds, leaving a substantial portion of the student body without sufficient housing. There are no off-campus developments in the pipeline, as new construction would require rental rates approximately 79% higher than current market rates to be financially viable.

Current ownership has maintained the Property and updated units as needed. However, there remains untapped potential for further improvements. A new owner would have the opportunity to renovate units and enhance amenities to command higher rents, a strategy already being successfully implemented by other properties in the market.

Oklahoma Licensee

Barry Brown

License #: OK-140058

...

特性

竣工年

2015

ユニット数

314

ベッド

896

土地面積ネット

13.56 ha

入札終了日

2025/03/05

メディア

投資のハイライト

SERVING TIER 1, POWER FOUR UNIVERSITY OF OKLAHOMA

The Avenue serves the University of Oklahoma, a Tier-1, Power Four, R1 research institution. OU has experienced four consecutive years of first-year enrollment growth, with 20% first-year enrollment growth over the last two years. This positive trajectory aligns with the vision outlined in the OU President’s State of the University Address, which reaffirms the institution’s dedication to continued expansion and development.

TOP HOUSING OFFERING IN THE OU MARKET WITH ADDITIONAL UPSIDE

The Property sits on 33.5 acres of land and boasts some of the most spacious floorplans in the market. Rents per square footage are offered at an attractive basis compared to the rest of the market. While ownership has kept up with upgrades, there is additional upside that can be achieved through light value-add to units and amenities.

UNRIVALED AMENITY PACKAGE

Residents at The Avenue have access to one of the top amenity offerings in the market. Apartments feature modern finishes including stainless steel appliances, hardwood-style floors, and spacious kitchens with islands. The Avenue is home to Norman’s largest fitness center, a resort-style pool, and convenient shuttle service to campus. Residents enjoy a range of recreational facilities such as a theater room, dog park, and sports courts. Productivity is supported through multiple study spaces and a 24-hour computer lab with free printing.

HIGH BARRIERS TO ENTRY

There have been no new developments in the market since 2019, and there are no off-campus student housing developments in the pipeline. Although existing properties continue to see year-over-year rent increases, current market rates are still 79% below the threshold needed to make new construction financially viable. This environment provides established properties significant opportunity for continued rent growth without the pressure of new supply entering the market.

PROXIMITY TO MAJOR MSA

OU’s strategic location between two growing metropolitan areas offers significant advantages. Just 25 minutes from Oklahoma City’s 1.5 million resident MSA and 3.5 hours from Dallas-Fort Worth’s 8 million residents, OU is well-positioned to benefit from regional population growth. As Texas universities reach capacity, OU is attracting more out-of-state students, particularly from Texas. This is evident in OU’s record-breaking Fall 2024 first-year class, which included 2,889 out-of-state students, with 2,100 from Texas alone.

PROPERTY FEATURES

• Spacious Units

• 100% Bed-Bath Parity

• Half Bath in Most Units

• In-Unit Laundry

• High-End Unit Finishes

• Top Amenity Package in Market

• Four Minutes to Campus The Avenue Executive Summary