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|Number of units||39|
Jones Lang LaSalle, L.P., JLL Real Estate Limited (collectively “JLL”) presents College Station Apartments & Lincoln Park Townhomes (the “Properties”), two student-housing communities that serve Illinois State University (“ISU”) in Normal, Illinois. The Properties consist of 4 buildings, 246 units, and 663 beds in the Bloomington-Normal MSA. Upon surpassing a three-decade-long enrollment record in 2019, ISU now enrolls 20,720 students, making it the 3rd largest public university in the state (behind the University of Illinois Champaign and the University of Illinois Chicago).
- Projected Enrollment Expansion – ISU projects to add 1,010 students to enrollment by 2024 while neighoring Illinois Wesleyan University similarly anticipates further expansion following 9% new-student enrollment growth in Fall 2020.
- Market’s Top Performers – Current preleasing at 89% (as of May 2021) positions the Portfolio among the top leaders in the area and ahead of this time last year, a testament to the soaring popularity of both assets.
- Below-Market Rent – Meaningful upside potential to increase rent at the Properties to correspond with the broader Normal student-housing market suggesting an opportunity to boost rates 30%.
- Diverse Appeal – Students live without compromise as the properties serve a wide variety of housing preferences ranging from best-in-class amenities – such as a sand volleyball court – to an immediate proximity to campus and uptown.
- Exceptionally Strong Market Fundamentals – On-campus student housing occupancy is expected to remain near 100% while an expanding enrollment with no anticipated supply changes will precipitate off-campus occupancy climbing to meet projections through 2024.
- Well Positioned among Public Universities – All three of the universities in the Bloomington-Normal MSA will welcome their combined 25,000+ students back to campus for in-person classes resembling the traditional university atmosphere. The Properties have a heightened appeal in comparison with other public universities in Illinois where in-person learning will be limited this year.