University View

603 Eagle Drive, Denton, TX, 76201, US

자산 설명

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present University View (the "Property"), a 172 unit / 172 bed student housing community located in Denton, TX. University View offers pedestrian access to the fast-growing, 46,000+ enrollment University of North Texas ("UNT" or the "University"). The Property is currently 99% occupied, with average rents over 5% above 2023-2024 rates.

Supporting high performance at University View is a large, fast-growing student body at UNT. The University currently serves 46,309 students, which has grown 25% since 2015. That 10-year growth trajectory is the highest among Texas universities with 40,000 or more students. This increase has created an undersupply of purpose-built student beds, with current student properties in the market accounting for less than half of enrollment. This has led the student housing market at UNT to achieve similarly strong growth, with year-over-year rent growth over 7% in 2022, 2023, and 2024.

University View offers future ownership significant rent upside with upgrade optionality. Buyers can unlock between $150,000 - $700,000 in rental income through marking rents to market, dedicating larger units to double occupancy, or pursuing a full program of value-add renovations.

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개요

단위 수

172

침대

172

준공연도

1966

임대율

99%

미디어

투자 하이라이트

99% Occupied, 5.2% Rent Growth

After achieving 98% occupancy for the 2023-2024 Academic Year, University View is 99% occupied while achieving 5% rent growth. 1x1 units have proven to have the highest demand in the UNT market with 96% occupancy, the highest in the market.

52% Undersupply of Purpose Built Beds at UNT

On-campus and off-campus purpose-built student properties at UNT account for just 21,650 beds compared to the University’s enrollment of 46,000+. Additionally, there are just 463 confirmed beds under construction. This equates to 52% of University students that are unaccounted for by purpose-built beds. This under supply has led to large rent increases in the market, with 3 consecutive years of over 7% rent growth.

UPSIDE OPPORTUNITIES FOR FUTURE OWNERSHIP

UNIT UPGRADE FLEXIBILITY

MARK-TO-MARKET RENTS

University View’s average rate per bed is offered at a significant discount to older vintage properties in the market. Investors have the opportunity to bridge this gap and achieve an $100 premium per bedroom, or $200,000 annually.

FULL VALUE-ADD RENOVATIONS

The Leonard, constructed in 2000, is achieving a $500 rent premium over University View on similar sized units with modern finishes, while offering a worse location. The next owner has the opportunity to renovate units and bridge this gap to a $150 discount, generating over $700,000 in rental revenue.

DOUBLE-OCCUPANCY UNITS

New ownership can prioritize larger units for double-occupancy use, and push rents closer to comparable 2x2 and 2x1.5 units. At a $350-$400 per unit discount, University View achieves $150,000 in additional revenue.

Parking can be Converted to Additional Amenity Space

Properties in the competitive set offer free parking or charge minimally for garage spaces. University View offers a 1.66:1 parking spot-to-bed ratio; given the lack of income potential from these spots, new ownership can convert some of this large open space into amenities such as a basketball court, tennis court, or clubhouse for the pool, while keeping the ratio at 1:1.

Reimbursement for Gas, Water, and Sewage

Unlike competitive properties, University View does not charge back for gas, water, and sewage, offering new ownership an additional $85,000+ in untapped utility reimbursement income.