|Number of units||280|
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.
- 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.