US - Jacksonville, FL
Jones Lang LaSalle Americas (Illinois), L.P. (“JLL”) is pleased to present The Edge on Hovey (the “Property” or “The Edge”), a 125-unit / 481-bed student housing community adjacent to Illinois State University (the “University” or “ISU”) in Normal, Illinois. The Edge provides investors the unique opportunity to acquire a top performing asset at a growing university with quantifiable upside.
The Edge serves the growing student body at Illinois State University, which welcomed its largest freshman class in 35 years in Fall 2022. Enrollment has increased to 20,683, including an 18% increase in first year students. These demand fundamentals are evident in the off-campus student housing market, which is currently 98% occupied.
Originally constructed in 2004, The Edge has been thoughtfully upgraded in recent years with a welcoming lobby, modern cyber lounge, private study rooms, fully equipped fitness center and yoga studio, new interior furniture, high-speed internet, and more. New ownership will inherit the Property’s stable in-place cashflows while also leaving the opportunity to drive revenue through strategic value-add execution.
The Edge is currently 100% occupied and 79% pre-leased for the 2023-2024 academic year inclusive of 7.7% rent growth as of May 16th, 2023.