Jones Lang LaSalle, L.P., JLL Real Estate Limited (collectively, “JLL) proudly presents an exclusive redevelopment opportunity located just steps from San Diego State University (“SDSU”), one of the fastest-growing universities on the West Coast with enrollment over 34,000 students. A serendipitous confluence of new zoning designations, a new city-sponsored housing program, and proximity to a significant transit center have made 5505 Lindo Paseo (the “Subject Site”) an ideal student-housing development opportunity for vertical product. With nearly all off-campus product offering double-occupancy—and on-campus product offering quadruple-occupancy in some instances—SDSU is experiencing a dramatic housing shortage that has driven up rates and minimized vacancy over the past decade.
Steps to Campus & Nightlife Scene – The Subject Site is situated at the campus border with Fraternity & Sorority Row located two blocks north.
Topographic & Spatial Barriers to Entry – With SDSU’s campus abutting Interstate 8 and a hilly region to the north, and surrounded on remaining sides by a densely built-out single-family-home community, the 3-block by 2-block area northwest of Montezuma Rd & College Ave represents the only viable development pocket in the university market.
Undersupplied Market with Minimal Pipeline – Off-campus market occupancy averaged 95% from 2011-2020 and 9 of 10 off-campus properties offer double-occupancy.
Unique Opportunity for Verticality – Combination of proximity to transit and recently reconfigured zoning designation allows for greater density and development without height restriction.
Carry Cost Mitigant – In-place NNN lease will provide substantial, stable cash flow during the entitlement process and offers unilateral termination option with 90-day notice