Jones Lang LaSalle, Inc (“JLL”) is pleased to present the opportunity to acquire Evergreen Auburn (the “Property”), a highly amenitized, 97.7% occupied asset with 201 units and 486 beds at Auburn University. Well-located 1.1 miles from campus along College Street, the Property is steps away from three separate Tiger Trails bus lines providing residents ease of access to the heart of Auburn University’s campus.
Outstanding Market Fundamentals: With only 64% of the student body supported by on- & off-campus beds and no developments in the pipeline, the Auburn market is 95% occupied and witnessed a 7.4% rent growth year over year for the 2023-2024 academic year with even more projected going forward.
Well-Located Property with Exceptional Connectivity: Well-located and adjacent to Auburn’s Research Park, Evergreen Auburn has ease of access to the hear of campus main campus via three separate Tiger Trails bus routes steps away from the property in addition to close proximity to notable retailers nearby including Starbucks and Domino’s.
Discount to Replacement Cost: Creating an attractive basis for new ownership, investors are afforded the ability to acquire an asset at half the cost of a new development today.
Stabilized Asset with Ability to Increase Rental Rates: Stabilized at 97.7% occupancy for the 2023-2024 academic year, investors are offered the ability to increase rents per floorplan at the property in-line with the competitive set and generate an additional $576,000 of revenue annually.
Rental Rate Appreciation in SEC College Towns: Seeing some of the highest rental rate appreciation year over year, SEC college towns boasted a 10.5% rental rate growth and 2.14% enrollment growth for that 2023-2024 academic year.