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|Année de construction||2014|
|Taille du terrain Nette||
|Number of units||275|
Jones Lang LaSalle, L.P., JLL Real Estate Limited (collectively, “JLL) proudly presents Aspen Heights Starkville (the “Property”) a top-performing, cottage-style student-housing community situated within two-thirds of a mile from the campus of Mississippi State University (“MSU”) in Starkville, MS. The most recent fall enrollment totaled nearly 23,000 students, marking 3.4% year-over-year enrollment growth at MSU and the university’s sixth consecutive year of breaking its own enrollment record. Sustained growth in Starkville has resulted in impressive absorption for the MSU market: while enrollment added only 1,633 students from Fall 2017-2020, off-campus deliveries totaled nearly 2,200. Despite this seeming imbalance, off-campus occupancy in May 2021 resides at 94% with 10 of 12 properties being 90% occupied or better. With no deliveries anticipated through Fall 2024 and MSU expected to add 1,700
students by that same time, fundamental pressure will slash vacancy even further while placing upward pressure on rates. A pair of 2019 deliveries in Starkville have reset the rent ceiling hundreds of dollars per bed above the Property’s preleasing rates. With a vintage of 2014—and fundamental forces already priming the market for rent growth—tremendous opportunity exists to refurbish the Property to capture this growth potential accumulating in the market.
- Record-Breaking Enrollment – Adding 760 students in Fall 2020 (3.4% enrollment growth) precipitated MSU breaking its enrollment record for the sixth consecutive year
- Favorable Future Fundamentals – No off- or on-campus supply anticipated for Fall 2024, while enrollment is projected to add nearly 1,700 (7.3% projected enrollment growth)
- Impressive Historical Performance – Average occupancy across August 2018, 2019, & 2020 was 96% with current occupancy at 97%
- Prime Value-Add Candidate – Rental-rate disparity with newest deliveries signals value-add potential for this 2014-delivery
- Proximate to Campus – Residents are within 3 minutes of campus via the Property’s shuttle