Overview
KLNB Capital Markets, as exclusive agent, is pleased to present for sale The Radford Portfolio, a 198-unit (685-bed) student housing portfolio located in near Radford University in Radford, Virginia. This offering presents an exceptional opportunity to acquire one of the most substantial collections of student-focused housing (average of 3.5 beds per unit) in the area with an opportunity to bring rental rates in line with its competitive set and boost income further through modest unit upgrades.
Positioned directly adjacent to the University, residents of the Properties enjoy easy, quick access to campus, their classes, and their fellow students. Radford University recently announced tuition affordability initiatives to boost enrollment, which will have a highly positive impact on this portfolio. Furthermore, they benefit from connectivity provided by the Interstate 81 Corridor, which connects Radford to Blacksburg, Roanoke, and other major metro areas in the Mid-Atlantic and Sunbelt.
Investment Highlights
Mark Rents to Market: New ownership will acquire the opportunity to mark rents to market to similar product surrounding the University, resulting in significant income growth.
Close Proximity to Radford University: The entire Portfolio is located within a 1/2 mile of Radford University, which is the primary economic driver in the area with annual enrollment of 7,500 students and $1.06 billion in economic impact.
Future Rebound in Enrollment: Radford University recently announced the Tuition Promise initiative for Virginia residents, resulting in a 400% increase in transfers and applications.
Well-Maintained Asset with Attractive Unit Mix: The Portfolio has been meticulously maintained by the current owner and boasts an optimal student unit mix of 66% four- and five-bedroom units.
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