Multi-Housing

College Living Portfolio

St Cloud, Minnesota United States
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Documents

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Attributes

Building Area
Land Area ()
Number of units 110

Property Description

Jones Lang Lasalle (JLL), is pleased to offer for sale the St. Cloud College Living Portfolio. The portfolio consists of eight properties totalling 110 apartments and 389 bedrooms. All eight properties are located within blocks of St. Cloud State University (SCSU), which is the third largest public university in Minnesota. This area is the most popular location for SCSU students to reside as it offers immediate access to the SCSU campus, the fully amenitized campus fitness center, and Herb Brooks National Hockey Center. St. Cloud is situated less than an hour northwest from Minneapolis St. Paul and continues to grow into one of the largest cities in the State of Minnesota. St. Cloud’s population has grown 23.7% since 2000, and incomes have risen 15.3% over the last 10 years making St. Cloud one of the top performing cities in Minnesota. Overall, the St. Cloud MSA is the fourth most populous area in the state, behind the Twin Cities, Rochester, and Duluth. St. Cloud State University’s 2019 enrolment totalled 16,326 students, making it the third largest university in Minnesota.

Due to the pandemic, SCSU students have the option to take hybrid classes, which means they have the ability to take their classes on campus for a few days a week. SCSU dorms, which historically housed two students each, are now limited to only one person driving students to search for off campus housing. When it comes to pricing, SCSU’s current dorm rates range from $5,200 to $7,196 annually. Compared to the average market rent of $330 per month at The St. Cloud College Living Portfolio, students receive a minimum discount of 24% by choosing off campus housing. As a result, the post COVID demand for student housing in St. Cloud hasn’t faltered nearly as much as campuses where universities have decided to go entirely online. The offering provides investor a unique opportunity to acquire immediate scale in a well-maintained portfolio of needed off campus housing surrounding SCSU. This high yield portfolio offers significant upside through stabilizing the current vacancies and taking advantage of the historically interest rates.

Investment Highlights

  • Preferred Location blocks from St. Cloud State University
  • Third Largest University in Minnesota
  • Only Accreditation Board for Engineering & Technology (ABET) manufacturing engineering program in Minnesota
  • One of seven AACSB accredited Business Schools in Minnesota
  • Strong Market Fundamentals: 23.7% population growth since 2000
  • 45% of the population makes over $ 50 ,000 per year
  • Fastest growing labor force in Minnesota
  • Ability to place historically low financing to maximize cash on cash return
  • Portfolio size provides ideal efficiencies of scale
  • Diversity within the unit mix | above average unit sizes
  • Upside in stabilizing vacancy


Last Updated Date: 05 Nov 2020
Adam Haydon
Adam Haydon
Director, Capital Markets
License details
MT-RRE-BRO-LIC-72130
Mox Gunderson
Mox Gunderson
Senior Director, Capital Markets

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Last Updated Date: 05 Nov 2020

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