Offering Summary

Jones Lang LaSalle Americas, Inc. ("JLL") is pleased to present Evolve Tuscaloosa (the "Property" ), a 228-unit / 628-bed student housing community located in Tuscaloosa, Alabama. Recently built in 2017, the Property offers a comprehensive amenity package tailored to the modern-day student. The Property contains a mix of 2-bed and 3-bed floorplans complete with 100% bed-bath parity.


Evolve Tuscaloosa serves the University of Alabama (the "University" or "UA"), Alabama’s flagship University. The University is currently experiencing a major bounce back from Covid-19 declines and is now poised for future growth. Total enrollment at the University reached an all-time high of 38,645 students in Fall 2022. A large portion of this growth can be attributed to the 8,037 first-year students, climbing 6% from the prior year.


The Tuscaloosa purpose-built student housing market is reaping the benefits of recent enrollment growth. The market is currently 79% pre-leased as of May 2023, which is 9% ahead of where it was a year ago while achieving high single-digit rent growth.


Evolve Tuscaloosa is poised to continue to grow upon it’s 23-24 AY leasing performance. New ownership has unique opportunity to capitalize on a well located value-add student housing property in a Tier-1 market at a major discount to replacement costs today.

Investment Highlights

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.

Sand Volleyball Court
Dog Park

Investment Contacts

Scott Clifton

M: (847) 767 3980 

Teddy Leatherman

M: (503) 260 4402 

Grace Picchiotti 

M: (847) 917 5631 

Kevin Kazlow

M: (201) 788 7537 

Jack Goldberger

M: (847) 687 6100 

Danielle Rice

M: (817) 888 1701 

Financing Contacts

Mike Brady 

M: (630) 485 8240 

Sam Tarter

M: (301) 370 4730 

Alabama Licensee

Buff Teague

M: (251) 341 1611

License #: AL-83353-0 

Although information has been obtained from sources deemed reliable, JLL does not make any guarantees, warranties or representations, express or implied, as to the completeness or accuracy as to the information contained herein. Any projections, opinions, assumptions or estimates used are for example only. There may be differences between projected and actual results, and those differences may be material. JLL does not accept any liability for any loss or damage suffered by any party resulting from reliance on this information. If the recipient of this information has signed a confidentiality agreement with JLL regarding this matter, this information is subject to the terms of that agreement. ©2023. Jones Lang LaSalle IP, Inc. All rights reserved.