|Number of units||104|
Jones Lang LaSalle, L.P., JLL Real Estate Limited (collectively, “JLL”) proudly presents Viridian Denton (“the Property”), a 104 unit / 206 bed newly constructed asset at the University of North Texas. The asset is currently 95.1% occupied and 76% pre-leased for Fall 2022 and has achieved 5.0% rent growth. Investors are offered the opportunity to purchase a best-in-class asset that provides consistent cash flow at a premier research university in the thriving state of Texas. The Property offers new ownership the opportunity to bridge the $80 per bed rent gap between in-place rents and the competitive set, which would result in an additional $200,000 in annual revenue.
- Opportunity for Significant Rent Growth – The one-bedroom units are $178 per bed behind the competitive set while the two-bedroom units are $80 per bed behind the competitive set.
- Significant Discount to Replacement Cost – At a 5.75% return on cost, new development needs $2.74 PSF rents, or 54% above the Property’s current in-place rents.
- Tier-1 Research University with Significant Enrollment Growth – The university has experienced three years of record enrollment and currently enrolls 38,154 students which is a 6.0% increase YoY.