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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Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Attributes

Year Built 2011
Building Area
Number of units 176

Property Description

Jones Lang LaSalle, L.P., JLL Real Estate Limited (collectively “JLL”) proudly presents the Block 43 Cottages (the “Property”), a 176-home residential community situated in west Greensboro, North Carolina. The Property currently operates as a student-housing community with 98% occupancy. Given the exceptional Single-Family Rental (“SFR”) demand peripherals in Greensboro, the Property presents a preeminent opportunity to convert the cottage-style student-housing units into SFRs. Uniquely positioned in the market with 2-, 3-, and 4-bedroom layouts, state-of-the-art amenities, professional property management, and modern construction, the Block 43 Cottages will give families a welcomed alternative to the vintage and limited SFR options in Greensboro.

Investment Highlights

Growth Market ­– North Carolina has been voted the Best State for Business 3 years consecutively1 and the 3rd-highest population migration state2 over the last decade.


Exceptional Housing Fundamentals – Occupancy is consistently 97% across all neighborhoods in the city, leading to 10.5% annual rent growth


Veritable NOI Upside – Expense savings opportunities advance out-sized NOI growth

o  $24,000 of annual utility expense savings available through water overhaul program (quote available)

o  $75,000 of cable & internet savings through revamping the property’s internet infrastructure (quote available)


Positively Differentiated – The Property offers unique, market-leading communal areas to its residents, including a 24-hour fitness facility and co-working space, contributing to the property’s desirability


Secure Job Market – Greensboro has emerged as a finance, education, and healthcare business hub with consistent job growth projections and an unemployment rate below the national average

 

1.      Forbes

2.      U.S. Census Bureau

Last Updated Date: 08 Sep 2021
Scott Clifton
Scott Clifton
Senior Director, Capital Markets
License details
IL-475.17091
Stewart Hayes
Stewart Hayes
Senior Director, Capital Markets
License details
IL-475.175313

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Last Updated Date: 08 Sep 2021

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