Next Chapter Portfolio

Various locations

Portfolio description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present The Next Chapter 4-Pack Portfolio (the "4-Pack" or the "Properties"). The 4-Pack offers four 2012-2017 vintage assets with value-add optionality, pedestrian to the University of Illinois, Urbana-Champaign ("UIUC" or the "University"). Each of the Properties is strategically located by UIUC campus and key points of interest on and off-campus, including Campustown, Green Street, Senior Land, the UIUC Recreation Center, and the UIUC College of Engineering. Each of the properties is 98% occupied or more, and 3 of the 4 are 84% or more pre-leased as of February 12, 2025.

Performance at the Properties has been supported by strong growth and fundamentals at The University, which has increased enrollment by 12.5% over the past 5-years to nearly 60,000 students. UIUC has received a 70% increase in applications since 2020, fueled by its #33 national ranking, Big Ten athletics, and a top-15 college town environment.

Current ownership has proactively performed asset maintenance, along with refreshes to unit interiors including paint and furniture during turnover, requiring little lift of next ownership. The Properties, which are all strategically located, remain at a discount to nearby properties, offering value-add optionality via light modernization of units. The 4-Pack offers a rare combination of quality, location, and business plan flexibility at one of the fastest growing 50,000+ universities in the nation.

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Attributes

Units

218

Beds

548

Occupancy

98%

Next Chapter Portfolio (4 Properties)

Media

Investment highlights

ELITE TIER 1 UNIVERSITY

The 4-Pack serves The University of Illinois, a tier 1 institution with #33 ranked national academics, Big Ten athletics, and robust student life. Enrollment has grown by nearly 15,000 students since 2015, indicative of the allure held by the University. As the flagship university of the state of Illinois, UIUC will benefit from continued popularity and state support for its over 59,000 students.

STRATEGIC MARKET LOCATION

Each of the Properties is pedestrian to U of I campus and offer top locations in the market relative to key points of interest including Campustown and Green Street, hubs for off-campus life, Greek life, and top retail outlets in the market.

75 Armory - 1 block from campus, 2 blocks from U of I Campus Recreation Center & ARC, 4 blocks from Campustown & Green Street
305 Daniel - 2 blocks from campus, Adjacent to Campustown, 2 Blocks from Green Street
507 Second - 5 blocks from campus, 1 block from Green Street, 2 blocks from Campustown, adjacent to Senior Land
901 Western - Adjacent to campus and the U of I College of Engineering, 15,000+ enrollment

VALUE-ADD OPTIONALITY

The 4-Pack has enjoyed consistent occupancy and rent growth, and current ownership has been highly proactive in addressing asset maintenance and interior refreshes, offering new ownership a turn-key opportunity in highly desirable UIUC locations. New ownership may also pursue light value-add to unit interiors, with optionality to upgrade appliances to stainless steel, improve lighting, replace bedroom floors with hardwood-style flooring, or modernize bathroom amenities. Such additions will allow new owners to bridge the gap between the 4 Pack’s rents and the top of the market, which currently sits at as much as $650 per bed.

29% ENROLLMENT GROWTH & 115% APPLICANT GROWTH WITHIN 10 YEARS

UIUC has seen surging demand in recent years as a result of its well-rounded student life, and supported nation-leading enrollment growth among 50,000+ universities. The University has added 15,000 students in the past decade, creating excellent supply-demand fundamentals in the off-campus student housing market. An estimated 33,147 students require off-campus housing at UIUC, compared to just 15,536 purpose-built beds, and only 365 in development. These favorable fundamentals will continue to support performance at the 4-Pack, which are all 98% occupied or more.