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|Number of units||204|
Jones Lang LaSalle, L.P., JLL Real Estate Limited (collectively, “JLL”) proudly presents the “Heights of Knoxville” (the “Property”), a 636-bed student apartment community with ideal value-add credentials overlooking campus at the booming University of Tennessee in Knoxville (“UTK”). Despite UTK utilizing a hybrid in-person/online model for the Fall 2020 semester, Heights reached 97% preleased and the off-campus market averaged 96% occupancy in November 2020. With Fall 2020 enrollment adding over 1,000 students from the previous fall, and no deliveries anticipated for Fall 2021 or beyond, fundamental drivers will continue to push rents and occupancy to greater heights in the coming years.
Though the pipeline for Knoxville is nearly empty now, the market was able to absorb nearly 3,000 beds from Fall 2016 to 2020 while maintaining an average off-campus occupancy of 96%. Annual rent growth over those years averaged just under 3%, but average rent per off-campus bed from November 2019 to November 2020 grew over 7%. Without additional beds to alleviate the exponentially growing demand stemming from the continuing UTK enrollment boom, the market’s rent ceiling will face extraordinary upward pressure. As a 1999-vintage asset offering a more serene living experience in its unique location, Heights of Knoxville boasts tremendous upside via bringing rents to market average while offering an impressive operational history in a market poised only for greater success.
- University of Tennessee Achieved a Record-High Enrollment in Fall 2020
- Off-Campus Occupancy Averaged 96% from Fall 2016 to Fall 2020
- No Supply Anticipated for Knoxville for Fall 2021 or Beyond