The Vanguard - Student Housing_Property for Sale

1001 Marshall Avenue, Cincinnati, OH, 45225, US

The Vanguard - Student Housing

Asset description

Jones Lang LaSalle, Inc. (“JLL”) is pleased to present the opportunity to acquire The Vanguard (the “Property”), a newly constructed, trophy student housing property located half a mile from the University of Cincinnati, (“Cincinnati” or “UC”) in Cincinnati, Ohio.

The Vanguard distinguishes itself as the newest asset in the market with bed-to-bath parity across studio, 2-, 4- and 5-bedroom floorplans. Built to the highest standard and LEED certified, all 136 units / 404 beds feature luxurious, modern finishes including granite countertops, stainless steel appliances, 65” Smart TVs, in-unit washer & dryer, a modern furniture package with queen size beds, and all bedrooms featuring exterior windows for healthier living. Welcomed to the Big 12 in 2023, Cincinnati has witnessed exceptional growth in recent years and welcomed a record setting 50,921 students at the University of Cincinnati in Fall 2023, a 6.3% increase year-over-year. With a serious undersupply of student housing beds to support the growing market, the student housing market achieved 12.2% rent growth for academic year 2024-2025. Located within a Qualified Opportunity Zone, the property offers investors substantial tax savings. Additionally, the property is under agreement with the City providing a 52% net tax abatement on improvements for a 13-year period beginning in the first year of operations. With the property expected to stabilize at 95%+ occupancy for Fall 2024, the Vanguard offers investors the ability to acquire a brand-new asset with a low property tax burden and the ability to increase rents organically due to a seriously constrained student housing market.

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Attributes

Number of units

136 units

Year built

2024

Building area net

152,756 sf

Building class

Media

Investment highlights

BRAND NEW, TROPHY STUDENT HOUSING ASSET

Delivering in Fall 2024, the Vanguard is the newest student housing property in the market and offers a diverse unit mix of studios, 2-, 4-, and 5-bedroom units. With 58% of the unit mix consisting of 5-bedroom units, the Vanguard distinguishes itself against competitive properties as one of the few assets in the market offering 5-bedroom floorplans with bed-to-bath parity, as well as exterior windows in every bedroom for healthier living.

WELL-LOCATED ASSET SERVING TWO FLAGSHIP UNIVERSITIES

Just over half a mile from the University of Cincinnati and approximately 3 miles from Xavier University, the Property boasts an advantageous location near two prestigious universities in the Big 12 and Big East conferences.

UNDERSUPPLIED STUDENT HOUSING MARKET WITH EXCEPTIONAL HISTORICAL PERFORMANCE

With a serious undersupply of student housing beds, the Cincinnati market boasted a 10-year historical average occupancy of 96.2% and reached 99% occupancy for 2023-2024 academic year with 12.2% rent growth. With enrollment increasing 25.3% over the past decade, the university saw an astounding 6.3% increase for the 2023-2024 academic year welcoming its largest student body to campus.

EXPANDING BIG 12 UNIVERSITY

Welcomed to the Big 12 conference in 2023, the University of Cincinnati is the 3^rd largest university in the conference. With announcements of the move to the Big 12 in 2021, the university received outstanding reception and interest among new students witnessing a 2.6% increase in enrollment for Fall 2022 and a 6.3% increase for Fall 2023 with a record enrollment of 50,921 students.

AN ECONOMIC POWERHOUSE AND A BOLSTER OF THE CINCINNATI COMMUNITY

In addition to moving to the Big 12, the University of Cincinnati has been actively engaged on approximately $335.5M of campus renovations and expansions including the $134M renovation and construction of a 84,000 square-foot mixed-use athletic facility in addition to a $190M renovation of on-campus facilities.