|Number of units||138|
Jones Lang LaSalle, L.P. and JLL Real Estate Limited (collectively, “JLL”) proudly presents Hillside Commons (the “Property”). Located in Tuscaloosa, Alabama this student housing property consists of 278 beds / 138 units at the University of Alabama (“Alabama”). Hillside Commons sits less than a mile from the northeast corner of campus just south of the Black Warrior River. The University of Alabama is a nationally recognized Power-5 University with enrollment of 38,320 and a record-breaking freshman class of 7,593. The recent capital infusion of ~$3.5 million allows new ownership the opportunity to match the occupancy and rents of the immediate comparable properties as well as reduce the number of model and employee units which would result in an additional $200,000+ in annual revenue. Additionally, there is an opportunity to add a clubhouse on the vacant land and bring the asset in-line with the recently renovated comp-set which is currently achieving $175+ per bed premiums over Hillside Common’s current in-place rents.
Broker of Record: Buff Teague: Licensed Broker in AL# 83353-0
- Recent capital infusion allowing a new buyer the opportunity to bridge the significant rent and occupancy gap between the current rent comps and in-place rents.
- Ability to build a clubhouse, additional units or amenities on vacant ~0.6 acres at entrance of Property. Additionally, brand new pool opening Spring 2022.
- Tier 1, Power 5 University located in growth state with booming enrollment, boasting an 18-time NCAA National Championship Football Team