Rogue Valley Village
3761 South Pacific Highway, Medford, OR, 97501, US
MYR 12,917,000 | 76 units
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present Bixby (the “Property”), a trophy student housing community walkable to Kennesaw State University (“KSU” or the “University”). Built in 2020 and one of the newest assets in the market, Bixby offers 179 units with 656 beds in a mix of layouts ranging from studios to 5-bed floorplans.
Bixby is 100% preleased for the 2024-2025 Academic Year (“AY”) and achieved 11.5% year-over-year rent growth. The Property has been fully occupied and preleased for at least three academic years, and it has achieved consecutive years of 11%+ annual rent growth during that time.
The Property’s historical performance is supported by KSU’s growing student body. Fall 2023 total enrollment of 45,152 students is the largest in the University’s history and represents the fifth consecutive year of expansion. Since 2018, enrollment has increased by 9,732 students equating to a 5.0% CAGR. The number of first-year applications has also swelled during that time, increasing by 72.3% to a record 23,138 in Fall 2023.
Bixby is the premier student housing property in Kennesaw with unmatched community amenities and in-unit luxuries. This trophy-quality asset, further supported by the growing student body, position the Property for continued years of outperformance under new ownership.
MARKET’S TOP ASSET WITH UNMATCHED AMENITIES
Built in 2020 by a prominent student housing developer, Bixby is the newest midrise property in Kennesaw and offers unmatched amenities. The Property offers the only Skydeck in Kennesaw that overlooks Fifth Third Stadium, which hosts concerts for touring artists and the KSU Owls football team. The units have 11-foot ceilings, another unique luxury only offered at a select few comps.
SUPERIOR PROPERTY-LEVEL PERFORMANCE
Bixby is 100% preleased for the 24/25 AY and achieved 11.5% rent growth. This preleasing cycle builds upon the Property’s outperformance over at least the last three years as it has been 100% occupied and achieved consecutive years of 11%+ yearover- year rent growth.
STUDENT MARKET PERFORMANCE
The off-campus student housing market in Kennesaw has achieved a 7% rent CAGR since 2013 and maintained an average occupancy of 97% over that time.
TOP RANKING STATE SCHOLARSHIP PROGRAM
Georgia’s HOPE Scholarship has ranked in the top 5 most successful state scholarship programs in the country. Due to this program, Georgia’s high school graduation rate has increased for 12 consecutive years to a record 84.4% in 2023. Applications at KSU increased by 165% over that time, meaning each 1% increase in Georgia’s high school graduation rate has translated to 850 additional applications at just KSU alone.
SUPPLY & DEMAND
KSU’s enrollment has nearly doubled since 2013 and reached a record 45,152 students in Fall 2023, which marks the fifth consecutive year of enrollment growth. Since 2013, there have been 5,450 off-campus beds supplied in Kennesaw and enrollment grew by 20,523 students. With a history of demand far outpacing supply, and no purpose-built student housing projects in the development pipeline, student housing properties in Kennesaw are poised for continued years of out performance.
Local Multifamily Investment Advisory
Vic Ciancetta
404.995.2184
License#: GA - 410484