Revelry Flats at Milledgeville_Property for Sale

500 West Franklin Street, Milledgeville, GA, 31061, US

Revelry Flats at Milledgeville

Asset description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present Revelry Flats (the “Property”), a 175 unit / 492 bed student housing community located in Milledgeville, GA. The Property serves Georgia College & State University (“Georgia College” or “GCSU” or the “University”), Georgia’s designated public liberal arts university. The University saw a substantial increase in enrollment in 2023 to over 6,800 students, growing nearly 8% over 2022 enrollment. The local student housing market has performed well as enrollment has increased; the market is 93% pre-leased ahead of the 2024-2025 academic year, and average rates increased by over 10% in Fall 2023. Revelry Flats is currently 98% pre-leased. The Property is well positioned to achieve strong occupancy going forward, with an excellent location 0.1 miles from campus and walkable without crossing any major roads, and a strong unit mix that includes the only 1x1 units in the off-campus market.

Georgia College & State University’s enrollment growth also bodes well for future occupancy at Revelry Flats. There are just 2,800 privately owned beds in the market, with no beds in the development pipeline. Market properties are well situated to continue strong leasing achieved for the 2024-2025 academic year.

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Attributes

Units

175

Beds

492

Year built

2006

Media

Investment highlights

8.6% Y-O-Y PRELEASING VELOCITY 8% ENROLLMENT GROWTH YOY

Preleasing at Revelry Flats has reached 98% for the 24/25 AY, which is 8.6% over 23/24 AY pre-leasing. This pre-leasing performance is 4% ahead of the local market, which will continue to benefit from enrollment growth at Georgia College & State University. The University has focused on increasing enrollment and saw its student population increase by nearly 8% in Fall 2023. The student housing market has no new beds in its pipeline, and leasing performance will continue to be strong as the Georgia College grows.

STRONG MARKET OCCUPANCY WITH OVER 10% RENT GROWTH

The student housing market achieved 92% occupancy for the 23/24 AY, and is on track to surpass that rate with pre-leasing at 93%. In addition to stable leasing, rent growth in Fall 2023 was over 10% above 2022 rents. As enrollment grows, student demand for student housing will continue to support rent growth among existing assets and create a strong investment environment.

STUDENT-CENTRIC AMENITIES 0.10 MILES FROM CAMPUS

Revelry Flats is a highly attractive housing option for students as a result of a strong list of amenities offered to residents. The Property offers a 24-hour fitness center, a resort style pool and clubhouse, athletic courts, and an additional slate of leisure and work amenities. Revelry Flats is also the only student housing property offering 1-bedroom units. Revelry Flats is located just 0.10 miles away from GCSU, offering convenient access for residents.

GEORGIA COLLEGE & STATE UNIVERSITY – #6 SOUTHERN PUBLIC SCHOOL

A key driver of enrollment growth at GCSU is its rising prominence as a strong academic institution in the south. U.S. News ranks the University as the #6 public school in the South. Business Insider ranks the University as a top 100 smartest university in the country, and the University also made Princeton Review’s “Best in the Southeast” list of universities. As GCSU accumulates these accolades, demand for enrollment will grow and the student housing market will benefit. This has already been proven by the large jump in enrollment in 2023 and subsequent improvements to leasing.

GA LICENSEES:

Victor Ciancetta

#GA-410484

victor.ciancetta@jll.com

Peter Yorck

#GA-01999279

peter.yorck@jll.com