|Number of units||176|
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.
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
2. U.S. Census Bureau