Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the Salisbury Campus Apartments (the “Property”), a five-building, 85-unit / 290-bed student housing community that serves Purdue University (“Purdue” or the “University”). The Property offers a mix of floorplans ranging from Studio, 2-bedroom, 3-bedroom, and 4-bedroom units. The Property is uniquely positioned directly next to the heart of Purdue’s campus and main retail corridor.
Fall 2022 enrollment of 50,844 students marks Purdue’s eighth consecutive year of record-breaking enrollment. Contributing to Purdue’s ascending demand are its Power 5 athletic teams, distinguished academic offerings, and its tuition freeze, which is entering its 12th straight year. These remarkable fundamentals have cultivated a fully occupied student housing market that experienced 15% rate growth year-over-year.
The Property is currently 100% master leased to Purdue University through the 2024-2025 academic year. New ownership has the opportunity to immediately recognize stable cashflows with numerous upside opportunities in the near future. Upon expiration of the master lease, new ownership can mark-to-market rates, initiate a value-add campaign to achieve outsized rent premiums, or redevelop the contiguous, 2.5 acre site.