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

Documents

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Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Key facts

Year Built 2006
Building Area Net
Number of units 280
Occupancy 72.0 %

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” or the “Property”), a 280-unit, 924-bed student housing community at West Virginia University. With enrollment nearing 26,374 for the 2021/2022 Academic Year, West Virginia University is a tier one university, the largest University in West Virginia and a part of the Big Twelve Conference. The Property offers numerous additional value-add opportunities including renovating unit interiors, rebranding the Property and upgrading community amenities. As of August 2021, and per the Axiometrics University Report, CEV Morgantown’s rents are more than $130 below market, $163 below the competitive set and occupancy trails competitive properties by approximately 14%. This equates to a more than $2,000,000 in annual income increase 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.

Investment highlights

  • Value-add asset at Tier 1, Power 5 university being offered at significant discount to replacement cost.
  • Rents are currently $163 per bed below the competitive set and occupancy is 14% behind the competitive set, which allows a new investor the opportunity to bridge the gap and increase revenue $2MM.
  • West Virginia University is located in the Big Twelve Conference and is the largest university in West Virginia.
Last Updated Date: 15 Nov 2021

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Last Updated Date: 15 Nov 2021

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The value of trust beneficiary rights fluctuates due to fluctuations in the price of real estate, and there is a risk of falling beyond the investment principal. Real estate prices are fluctuated by changes in the population of the area in which they are located and the number of newly supplied properties, fluctuations in interest rates and exchange rates, changes of tax system, loss/damage due to natural disasters such as earthquakes, deterioration over time, and the discovery of hidden defects such as soil pollution.

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