The Jolly Roger

Jones Lang LaSalle Americas, Inc. ("JLL") is pleased to present Jolly Roger (the "Property"), a 294 unit, 804 bed, 2021 vintage student housing community serving East Carolina University ("ECU" or the "University"). The Property is the best-in-class asset in the ECU market and is performing as such, reaching 98% preleasing by May while growing rents – the first property to reach 95%+ in the market. Despite the fastest leasing velocity, newest vintage, and clear top quality in the market, rents at Jolly Roger are at a discount to older vintage competitors, giving new ownership the opportunity to mark rents to the top of the market. 

ECU is primed for years of enrollment growth during new ownership's hold period. In the past two years, the University has grown first-year enrollment by over 6% and applications by 23%. Retention rate also grew nearly 3% over that time. These factors create runway for sustained enrollment growth, which began in 2024. With no planned developments in the pipeline, fundamentals will grow stronger and Jolly Roger will remain the best asset in the market.

Jolly Roger offers additional upside via increased parking charges and improved expense management. The Property is a rare opportunity to acquire a trophyquality asset with significant upside across rents, property operations, and university growth.