Multi-Housing

Mill Street Village

186 Mill St Athens, Ohio United States 45701-2633
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Documents

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I accept the confidentiality agreement

You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Attributes

Building Area
Number of units 153

Property Description

JLL Capital Markets (JLL) proudly presents Mill Street Village, a 153-unit/240-bed privately-owned student housing property located on university-owned land at Ohio University. With the property spread across 12 acres, the current zoning implies the ability to increase density by more than 200 units. As the property resides within an Opportunity Zone, a significant increase in density would trigger the potential tax-saving benefit.


Alternatively, the uncovered acreage could be utilized to upgrade the Property’s amenity

package to be competitive with that of the neighboring properties within this

campus-adjacent submarket. As the nearest competitor property’s two bedroom units generate nearly double the rental figure of Mill Street Village’s two-bedroom units, bringing the Property to market standard constitutes massive value creation. With more than $522 million in capital projects slated for completion by the end of 2024, Mill Street Village represents an opportunity

to capture tremendous property-level upside at a 20,000 student university heavily investing in its future growth.

Investment Highlights

•           Located on university-owned land

•           Zoned for over 200 additional units

•           Off-campus supply pipeline is empty

•           With a block of downtown-to-campus bus stop

•           No real estate tax liability

•           Unit mix suitable to conventional apartments

•           Available ‘free & clear’

Last Updated Date: 08 Oct 2020
Ryan McBride
Ryan McBride
Director, Capital Markets
License details
TX-615957
Doug Opalka
Doug Opalka
Senior Managing Director, Austin & San Antonio Office Co-Head
License details
TX-493181

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Last Updated Date: 08 Oct 2020

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