Student Housing

Remerton Mills Student Housing (NEW Construction)

Listing Price: $14,200,000

Cap Rate
6.56%
Number of Units
194
Price/Unit
$73,196
Price/Gross SF
$72.71
Gross SF
195,286

Investment Overview

Marcus & Millichap is pleased to present Remerton Mills, an outstanding opportunity to acquire a 194-bed, Fully-Furnished, Class A, NEW CONSTRUCTION, Luxury Student Housing Opportunity at Valdosta State University (VSU) in Valdosta, Georgia. The property is expected to CO in June of 2019. The asset is situated approximately one mile due west of campus on the main drag and is positioned across the street from the four most popular pub/restaurant establishments for the college set.

Remerton Mills will be the first purpose-built luxury student housing property in the city since 201. This luxury apartment complex will set the standard for convenience and student-centric accommodations. Being one mile closer to campus than the two newest purpose-built properties, both built in 2012,

Valdosta is located 30 minutes north of the Florida-Georgia line.

VSU, with an overall enrollment over 11.300, enjoys a Freshman enrollment growth nearly two times that of Florida State or the University of Florida. Why?--In March of 2015, the University System of Georgia Board of Regents granted VSU a special dispensation to begin "offering in-state tuition to students from Florida, South Carolina and Alabama". While VSU's out-of-state students totaled just 3% in 2013 and only 3.8% in 2014, the number jumped to 10.56% for Fall 2015 even with very little time to get the word out to prospects in other states. In 2016 the percentage rose to 14.8% and then again in 2017 rising further to 18.6%. Fall 2018, the percentage stands at 23% of enrollment from out-of-state which is amazing when you consider the University of Georgia (UGA) only enjoys 16% enrollment from out-of-state and Georgia Southern only enjoys a 6.2% out-of-state student enrollment. It would seem as if VSU has a "perpetual well of opportunity flowing up with endless potential recruits, particularly from Florida.

Investment Highlights

  • Fully Furnished Units - All-Inclusive
  • The New Standard for Student Living at VSU
  • 6.08% Cap Rate for 2019, Class A, Purpose-Built Construction
  • Purpose-built Luxury Student Housing at VSU by seven years
  • One Mile Closer to Campus than the Newest Two Purpose-Built 2012 Properties

Exclusively Listed By

  • John E. Brigel

    First Vice President Investments

    (813) 387-4785

    Email John

    License(s): FL: SL3080253, GA: 311233, AL: 000101768

    Tampa

Student Housing

Remerton Mills Student Housing (NEW Construction)

Listing Price: $14,200,000

Cap Rate
6.56%
Number of Units
194
Price/Unit
$73,196
Price/Gross SF
$72.71
Gross SF
195,286

Investment Highlights

  • Fully Furnished Units - All-Inclusive
  • The New Standard for Student Living at VSU
  • 6.08% Cap Rate for 2019, Class A, Purpose-Built Construction
  • Purpose-built Luxury Student Housing at VSU by seven years
  • One Mile Closer to Campus than the Newest Two Purpose-Built 2012 Properties

Investment Overview

Marcus & Millichap is pleased to present Remerton Mills, an outstanding opportunity to acquire a 194-bed, Fully-Furnished, Class A, NEW CONSTRUCTION, Luxury Student Housing Opportunity at Valdosta State University (VSU) in Valdosta, Georgia. The property is expected to CO in June of 2019. The asset is situated approximately one mile due west of campus on the main drag and is positioned across the street from the four most popular pub/restaurant establishments for the college set.

Remerton Mills will be the first purpose-built luxury student housing property in the city since 201. This luxury apartment complex will set the standard for convenience and student-centric accommodations. Being one mile closer to campus than the two newest purpose-built properties, both built in 2012,

Valdosta is located 30 minutes north of the Florida-Georgia line.

VSU, with an overall enrollment over 11.300, enjoys a Freshman enrollment growth nearly two times that of Florida State or the University of Florida. Why?--In March of 2015, the University System of Georgia Board of Regents granted VSU a special dispensation to begin "offering in-state tuition to students from Florida, South Carolina and Alabama". While VSU's out-of-state students totaled just 3% in 2013 and only 3.8% in 2014, the number jumped to 10.56% for Fall 2015 even with very little time to get the word out to prospects in other states. In 2016 the percentage rose to 14.8% and then again in 2017 rising further to 18.6%. Fall 2018, the percentage stands at 23% of enrollment from out-of-state which is amazing when you consider the University of Georgia (UGA) only enjoys 16% enrollment from out-of-state and Georgia Southern only enjoys a 6.2% out-of-state student enrollment. It would seem as if VSU has a "perpetual well of opportunity flowing up with endless potential recruits, particularly from Florida.

Exclusively Listed By

  • John E. Brigel

    First Vice President Investments

    (813) 387-4785

    Email John

    License(s): FL: SL3080253, GA: 311233, AL: 000101768

    Tampa

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