189 Old Greenville Highway, Clemson, SC, 29631, US

Plaza One89

Asset Description

Jones Lang LaSalle, L.P., JLL Real Estate Limited (collectively, “JLL”) proudly presents Plaza One89, a 14 unit / 45 bed Class A community at Clemson University (“Clemson”) that is 89% pre-leased for Fall 2023 achieving 20.6% rent growth year-over-year. Perfectly positioned adjacent to campus, Plaza One89 is located less than 0.25 miles from Memorial Stadium and 0.10 miles from downtown Clemson with numerous hotels, restaurants, and bars. New Ownership is afforded the opportunity to increase revenue by $105,960 annually by charging for monthly resident parking and Game Day parking (details in OM).

Broker of Record: Lee B. Allen—License # SC - 74245

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Attributes

Number of units

45 units

Occupancy

100.00%

Year built

2018

Building area Net

1,974 m²

Media

Investment Highlights

Stable, cash-flowing asset that has been 100% occupied since inception and is 89% pre-leased for AY 23/24 and achieved 20.6% rent growth.
Investors are offered optionality in capturing additional revenue through parking income:
- Plaza One89 currently does not charge for parking. The nearby competitive properties are charging $80 per space per month offering a new investor the ability to generate an additional $49,960 of revenue annually.
- Currently offering 20 of the 64 parking spots for football game day parking, a new investor has the ability to offer all parking spaces for game day parking generating $56,000 of additional revenue annually.
Limited supply due to development moratorium within the City of Clemson.
Tier-I, Power-5 University that has increased enrollment 3.3% (774 students) annually for past five years.