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|Number of units||153|
JLL Capital Markets (JLL) proudly presents Mill Street Village, a 153-unit/240-bed privately-owned student housing property located on university-owned land at Ohio University. With the property spread across 12 acres, the current zoning implies the ability to increase density by more than 200 units. As the property resides within an Opportunity Zone, a significant increase in density would trigger the potential tax-saving benefit.
Alternatively, the uncovered acreage could be utilized to upgrade the property’s amenity
package to be competitive with that of the neighboring properties within this
campus-adjacent submarket. As the nearest competitor property’s two bedroom units generate nearly double the rental figure of Mill Street Village’s two-bedroom units, bringing the property to market standard constitutes massive value creation. With more than $522 million in capital projects slated for completion by the end of 2024, Mill Street Village represents an opportunity to capture tremendous property-level upside at a 20,000 student university heavily investing in its future growth.
• Located on university-owned land
• Zoned for over 200 additional units
• Off-campus supply pipeline is empty
• With a block of downtown-to-campus bus stop
• No real estate tax liability
• Unit mix suitable to conventional apartments
• Available ‘free & clear’