3680 Paramount Drive, West Lafayette, IN, 47906, US

Wabash Lofts

자산 설명

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire Wabash Lofts (the “Property”). The Property is located in West Lafayette, IN and serves the growing student body at Purdue University (“Purdue” or the “University”). Delivered in 2024, Wabash Lofts completed its first leasing cycle for the 2024-2025 academic year (“AY”).

The Property was originally conceptualized as conventional multifamily apartments and offers a mix of studio through 2-bedroom floorplans. Ownership started leasing in February 2024, and the student housing market was already 84% preleased at the time. Given the fully occupied and nearly fully preleased student housing market, ownership began marketing campaigns that targeted student renters late in the market’s preleasing cycle. In addition, Purdue’s housing department is consistently searching for beds to accommodate its expanding enrollment, and current ownership entered into a master lease agreement with Purdue for 59 units / 112 beds for the 24/25 AY.

In July 2024, Purdue University was named the #1 Most Recognized Public University in the United States. The recognition comes after ten consecutive years of enrollment growth and numerous top ranked programs in the country. Purdue’s demand has led to one of the tightest student housing markets in the country, which reached 100% prelease occupancy and 12%+ year-over-year rent growth for the 24/25 AY according to CollegeHouse.

Wabash Lofts is located in the northwest submarket adjacent to several purpose-built student housing properties, including Lark West Lafayette, Alight West Lafayette, and RedPoint West Lafayette. This submarket is 100% occupied and achieved between 15-25% rent growth for the 24/25 AY according to CollegeHouse. Further, new deliveries in West Lafayette achieved rents that are more than $700 per bed higher than Wabash Lofts, presenting mark-to-market upside.

Wabash Lofts offers an investor the opportunity to acquire a newly built, Class A asset that serves a top university in the country. Further, the asset’s unique unit mix for a student housing property offers downside protection through the ability to lease to conventional tenants if desired.

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개요

건축년도

2024

단위 수

240

침대

304

점유율

93%

미디어

투자 하이라이트

TIER-1, POWER 5 UNIVERSITY

Purdue University is a world-renowned, public research university that offers over 200 undergraduate and more than 160 graduate programs. Many of these programs consistently rank within the top 10 in the nation, which has earned Purdue the #1 spot as the most recognizable public university in the U.S. Purdue’s endowment reached a record $4.1 billion in 2024, and the University is actively constructing or renovating $1.5 billion worth of campus buildings. The University sponsors 18 Division 1 teams in the Big Ten athletic conference and is constantly receiving national coverage.

CONSECUTIVE YEARS OF ENROLLMENT GROWTH

Purdue welcomed a record 55,119 students for the 24/25 AY, which marks the University’s tenth consecutive year of enrollment growth. Enrollment has grown by 3.6% annually since 2014, equating to an average of 1,635 new students each year for the past ten years. Purdue's West Lafayette campus welcomed 10,628 freshman students in Fall 2024, also the highest in University history.

#3 STRONGEST STUDENT HOUSING FUNDAMENTALS IN THE NATION

West Lafayette is ranked as the #3 student housing market in the country by current occupancy, preleasing, and rent growth according to CollegeHouse. The entire student housing market reached 100% prelease occupancy for the 24/25 AY and achieved an average 12.11% rent growth year-over-year.

BRAND NEW DELIVERY WITH UPSIDE

Wabash Lofts was built in 2024 by a prominent and experienced developer. While successful in its first lease up on a shorter time frame, there’s additional rent and operational upside that can be unlocked through leasing for a full preleasing cycle, targeted marketing campaigns, a renewal base, and further seasoning of the asset. This will not only allow a new owner to mark-to-market rents to other new deliveries in the market that are achieving more than $700 per bed rent premiums, but the asset’s high-end build quality and sophisticated units will minimize operating costs and maximize the Property’s marketability for a new owner.

MARKETING OPTIONALITY

The northwest submarket where the Property is located has both purpose-built student housing properties as well as conventional apartments that rent to students. Wabash Lofts stands in a class of its own as the newest delivery in this submarket with no supply in the pipeline. The Property’s unit mix offers a new owner the ability to market towards both student renters and conventional renters, thereby expanding its potential tenant base and protecting against any demand fluctuations from either.

MASTER LEASE

Purdue’s notorious housing crisis continues for the 24/25 AY, and the University master leased 59 units at Wabash Lofts. Purdue asked for as many units as the Property would allow, and current ownership decidedly reserved approximately 75% of the units for market rate rentals. Since the University has determined Wabash Lofts is an ideal space for its students, the Property will continue to see demand from the growing student body.