Tier 1, Power 5 University -
The University of Alabama is a founding member of the Southeastern Conference (SEC). The University’s football team has won 33 conference championships, 18 national championships, and has made an NCAA-record 76 postseason bowl appearances. The Crimson Tide football program is the most decorated in NCAA history, holding a winning record against every current and former SEC school and earning the national title as recently as 2020 under coach Nick Saban.
Record Enrollment -
The University of Alabama enrolled a record 38,645 students in Fall 2022, representing an increase of 325 students from the prior year. The record enrollment was boosted by the largest freshman class in the University’s history with 8,037 students, a 6% increase in freshman enrollment over last year.
Offered at a Significant Discount To Replacement Cost -
Evolve Tuscaloosa is being offered at an attractive basis, which reflects a 60%+ discount to replacement cost. At a 6.00% return on cost, new development would need average rents of $4.34 per square foot, or 227% above the 2023-2024 rates at Evolve Tuscaloosa.
Strong Submarket Performance -
The northeast Tuscaloosa student housing submarket that Evolve is located in is one of the strongest performing in the entire market. The Bluff at Waterworks, Lark in the Woods and The Preserve at Tuscaloosa are all 95%+ occupied and are either fully pre-leased or tracking to 100% pre-leased with strong year-over-year rental rate increases.
Superior Asset Quality & In-Demand Amenities -
Built in 2017 by a prominent developer, Evolve Tuscaloosa is a modern student housing community that offers a complete amenity package and luxurious units. With communal amenities like an impressive pool deck with cabanas, an equipped fitness center, a basketball and volleyball court, shuttle service, and numerous study spaces, coupled with apartment features like stainless-steel appliances, furnished units, and bed-bath parity, a new owner can be assured of the asset’s exceptional marketability.