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Jones Lang LaSalle Americas, Inc. ("JLL"), real estate license #01223413 is pleased to present University Village (the “Property”) in Fullerton, California at the California State University at Fullerton (the “University” or “CSUF”). Current ownership invested significant capital to renovate the property and address deferred maintenance projects while concurrently building 21 additional dwelling units (“ADUs”). Now the Property offers 121 units and 427 beds with luxurious finishes to students at the largest school within the California State University System.
CSUF’s leadership has placed a significant focus on transitioning the school from commuter oriented to a residential campus. As a result of targeted investment into the academic and student experience, CSUF has experienced 4.6% enrollment growth over the last seven years. The growth in enrollment and new desire to be near campus has translated directly to the performance of the two existing student housing properties in the market. The 2,149 purpose-built beds (5.2% of total enrollment) and 2,405 on-campus beds (5.9% of total enrollment) are currently 97% and 95% occupied for the 22-23 AY, respectively.
Following a significant capital renovation program, University Village is well positioned to maintain strong occupancy and steadily grow rates while remaining a significant discount to new product. Orange County vacancy remains tight and offers few options for students who wish to enjoy compelling living accommodations, a proximate location to campus and competitive pricing. University Village presents investors a unique opportunity to buy a fully occupied, newly renovated asset at a University focused on steady growth within a submarket that is 97% occupied.
- Pedestrian Location To Campus
- Additional Units To Drive Income
- 40,000+ Enrollment With Future Growth Planned
- Orange County Multifamily Market Fundamentals
- Strategic Capital Plan Executed