|Building Area Net||
|Number of units||144|
Jones Lang LaSalle, L.P., JLL Real Estate Limited (collectively, “JLL”) proudly presents University Village Muncie (the “Property”), a 144 Unit / 552 Bed student housing community positioned within three quarters of a mile from Ball State University’s campus. The Property has achieved market-leading occupancy at 98% – approximately 10% ahead of this time last year – while concurrently reducing concessions and increasing effective rent by approximately 7% from the prior academic year.
Current ownership initiated an extensive value-add strategy aimed at upgrading both in-unit and communal amenities. Currently, 17% of the units remain unrenovated, and 50% of the units remain unfurnished. Market rent for renovated beds and furnished beds generate a $50 monthly premium over their classic and unrenovated counterparts, signaling an opportunity for new ownership to boost revenue by completing the well-received and proven value-add initiative.
- Value-Add Opportunity - Outsized NOI Available By Concluding Renovation Campaign
- Expanding Bed Shortage - Nothing In Off-Campus Development Pipeline through 2025 and Beyond
- Growth Goals - BSU's Current Strategic Plan Anticipates Stable Enrollment Expansion
- Desirable Location - Proximate to Campus, Grocery Options, and Big Box Retailers like Wal-Mart and Best Buy
- In-Demand Amenities - Pool & Spa, 24-Hour Fitness Center, Study Lounges, and Basketball Court
- Prominent Asset - Currently Leading the Market in Occupancy at 98% for the '21-'22 Academic Year
- Offered Free & Clear - New Ownership Has the Opportunity to Place Favorable New Debt Terms