|Building Area Net||
|Number of units||355|
Jones Lang LaSalle Americas, Inc. ("JLL") is pleased to present The Rowan (the “Property”), a 350 unit and 1,002-bed, student living community consisting of newly renovated luxury townhomes serving students at the University of South Carolina (“USC” or “the University”). The Property was built in 2007/2008 in two phases and was fully renovated between 2019-2021 by current ownership. The Rowan is currently 95% occupied for the 22-23 AY offering investors a unique opportunity to acquire immediate scale and a high in place yield within one of the strongest Tier-1 student housing markets in the country.
The Rowan features a combination of one, two, three and four-bedroom townhome units with over 100% bed/bath parity (94% of units contain an extra half-bath). As one of just four purpose-built townhome properties, the Rowan offers residents a premier southeastern student housing experience featuring spacious floor plans, ample parking, brand-new unit interiors and an expansive amenity package.
Fundamentally, the University of South Carolina is one of the strongest student housing markets in country. Enrollment has continuously grown over the last decade and now features a total student population of ~36,000 students. More importantly, USC welcomed its largest freshman class in school history this year as 6,596 first-time first year students enroll at the University representing a 6.8% increase over Fall 2021.
Clearly then, the newly renovated Rowan is in a strong position to maintain 95% plus occupancy and grow rates annually for a new investor with minimal out-of-pocket capital investment.
- Successful Renovation Execution
- 95% In-Place Occupancy for 22-23 AY
- Record Enrollment
- High Single-Digit Average Cash-on-Cash
- State Capital Core-Plus Market