|Number of units||75|
Jones Lang LaSalle, L.P., JLL Real Estate Limited (collectively, “JLL”) is pleased to present the Villages at Wake Forest (the “Villages” or “Properties”), a 75-unit / 295-bed opportunity at Wake Forest University (“Wake Forest” or the “University”) in Winston-Salem, North Carolina. The Villages is a scattered-site portfolio with dozens of single-family homes and townhomes positioned immediately across the street from Wake Forest’s campus, making it the best located off-campus property in the market.
Wake Forest has ranked among the top 30 universities in the nation for nearly three decades and continues to advance its academic excellence and prominence. The University’s enrollment has grown for more than ten consecutive years and even expanded by 5%+ throughout the pandemic. This impressive momentum shows no signs of slowing as Wake Forest received a record-breaking 15,130 applicants in Fall 2021 representing a 27% increase over the prior year.
In a market with a dearth of housing options, the Villages outshines its meager competition with its pedestrian location to campus, spacious floorplans and charming finishes. The Property’s unprecedented demand is exemplified in its remarkable preleasing as it is 96% preleased for the 2022-2023 academic year and 80% preleased for the 2023-2024 academic year. This investment opportunity offers a new investor the assurance of stable cashflows and outsized returns at a world class university.
Scott Clifton and Stewart Hayes are Limited Nonresident Commercial Real Estate Broker or Salesperson.
TRULY UNMATCHED PRELEASING
The property is 96% preleased for the 2022-2023 academic year, and incredibly 80% preleased for the 2023-2024 academic year, providing new ownership certainty of future cashflows.
COMPELLING DEMAND PERIPHERALS
Wake Forest has experienced 10+ years of consecutive enrollment expansion, and the college-eligible population in North Carolina has increased by 100,000 individuals during that time.
ASCENDING UNIVERSITY PROFILE
Wake Forest received over 15,000 first-year applications for the Fall 2021 semester – a 27% increase in applications from the prior year – that compressed the university’s acceptance rate to a multi-decade low of 25%.
The Properties are situated immediately east of University Parkway, which acts as Wake Forest’s campus boundary, meaning most residents live within a five-minute walk to campus.
FIRST-CLASS EDUCATIONAL PROGRAMS
Wake Forest has ranked among the top 30 universities in the nation for 26 consecutive years on the U.S. News and World Report.
BROAD MARKETING OPPORTUNITY
The unique scattered-site nature of this opportunity appeals to a diverse tenant base and offers ownership increased flexibility in its marketing strategy, further protecting against any unforeseen downside.
EMPTY DEVELOPMENT PIPELINE
Both the on-campus and off-campus pipeline are empty and will likely remain empty long-term as a very limited number of land parcels within walking distance to campus are available, and anecdotal evidence suggests the Alderman and neighborhood associations thwart any potential new developments.