Multi-housing / PRS

University Village Muncie

4500 W Bethel Ave Muncie, Indiana United States 47304-5504
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Documents

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Key facts

Year Built 2000
Building Area Net
Number of units 144

Property description

Jones Lang LaSalle, L.P., JLL Real Estate Limited (collectively, “JLL”) proudly presents University Village Muncie (the “Property”), a 144 Unit / 552 Bed student housing community positioned within three quarters of a mile from Ball State University’s campus. The Property has achieved market-leading occupancy at 98% – approximately 10% ahead of this time last year – while concurrently reducing concessions and increasing effective rent by approximately 7% from the prior academic year. 


Current ownership initiated an extensive value-add strategy aimed at upgrading both in-unit and communal amenities. Currently, 17% of the units remain unrenovated, and 50% of the units remain unfurnished. Market rent for renovated beds and furnished beds generate a $50 monthly premium over their classic and unrenovated counterparts, signaling an opportunity for new ownership to boost revenue by completing the well-received and proven value-add initiative. 

Investment highlights

  • Value-Add Opportunity - Outsized NOI Available By Concluding Renovation Campaign
  • Expanding Bed Shortage - Nothing In Off-Campus Development Pipeline through 2025 and Beyond
  • Growth Goals - BSU's Current Strategic Plan Anticipates Stable Enrollment Expansion
  • Desirable Location - Proximate to Campus, Grocery Options, and Big Box Retailers like Wal-Mart and Best Buy
  • In-Demand Amenities - Pool & Spa, 24-Hour Fitness Center, Study Lounges, and Basketball Court
  • Prominent Asset - Currently Leading the Market in Occupancy at 98% for the '21-'22 Academic Year
  • Offered Free & Clear - New Ownership Has the Opportunity to Place Favorable New Debt Terms
Last Updated Date: 30 Sep 2021
Scott Clifton
Scott Clifton
Senior Director, Capital Markets
Broker Licenses
IL-475.17091
Stewart Hayes
Stewart Hayes
Senior Director, Capital Markets
Broker Licenses
IL-475.175313

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Last Updated Date: 30 Sep 2021

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