Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Documents

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Attributes

Year Built 2006
Building Area
Number of units 280

Property Description

Jones Lang LaSalle (JLL) has been exclusively retained to offer qualified investors the opportunity to purchase Campus Evolution Villages at Morgantown (CEV Morgantown), a 280-unit, 924-bed student housing community at West Virginia University. With enrollment nearing 27,000 for the 2020/2021 Academic Year, West Virginia University is a tier one university, the largest University in West Virginia and a part of the Big Twelve Conference. Built in 2006, CEV Morgantown recently changed management companies in March 2019, infused capital into the property’s exterior, and added back a campus shuttle which helped it lease up to 83% occupancy for the 2020/2021 Academic Year versus 67% for the 2018/2019 Academic Year. The property offers numerous additional value-add opportunities including renovating unit interiors, rebranding it and upgrading community amenities. As of August 2020, and per the Axiometrics University Report, CEV Morgantown’s rents are more than $130 below market, and occupancy trails other student properties by approximately 4%. This equates to a more than $1,450,000 in annual income to be realized by future owners.


Located on District Drive in the popular North campus area, CEV Morgantown is less than half a mile away from Campus and provides students direct access while undercutting on-campus product by a significant margin. Additionally, there are zero proposed student housing projects, yet there is still only capacity for just over 25% of enrollment based on current inventory.  CEV Morgantown gives potential buyers the opportunity to purchase a property that should continue to benefit going forward from improved management, concession burn-off as well as unit and amenity upgrades in a strengthening student housing market. 

Investment Highlights

  • Occupancy has benefitted from recent change in management but still lags behind market by ~4%
  • In-place rents are significantly below market average
  • The property features an impressive amenity package and one of the most coveted in the market
  • Located in the North Campus area with a direct bus route to West Virginia University with enrollment in excess of 26,500 students
Last Updated Date: 02 Nov 2020
Teddy Leatherman
Teddy Leatherman
Director, Capital Markets
License details
TX-645273
Scott Clifton
Scott Clifton
Director, Capital Markets
License details
IL-475.17091

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Last Updated Date: 02 Nov 2020

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