Value-Add Opportunity: Over $330,000 has been spent on renovations for 70 units (149 beds) with LVT flooring, new bedroom carpet, stainless steel appliances, and an overcoat of the countertops, and new furniture and are achieving up to a $77 rent premium per bed. New ownership will have the opportunity to complete the renovation on the remaining 28 units (72 beds) to potentially increase NOI.
Enhance Curb Appeal & Amenity Offering: New ownership will have the opportunity to enhance the curb appeal of Campus Court, including new signage, improving landscaping, resurfacing the parking lot, and improved stairways and breezeways. New ownership can enhance the limited amenity offering by reconcepting the existing pool and outdoor sports court.
Rent Growth Potential: Campus Court sits over $500+ below market rent of nearby South Bend purpose built student housing assets allowing new ownership the potential to increase NOI through rent increases.
Water Reimbursement Opportunity: Current ownership is currently not charging for Water & Sewer. New ownership could implement a flat rate water charge or RUBS system to potentially increase NOI.
Strong Market Fundamentals: Campus Court is 1 of 5 student housing apartments that is within walking distance of the University of Notre Dame. The average occupancy at these apartments is 98.2% and has shown strong rent growth of 3.4% over the last year (CoStar). Roughly 5,500 students require off-campus housing.
Central Location to University of Notre Dame: Campus Court sits within a 5 minute walk of the University of Notre Dame. The university has 13,092 students and over 3,500 employees. The school is one of the top 20 universities in the country and has an economic impact on the region of $2.46 billion annually.
Proximity to South Bend’s Best Retail: Campus Court is ideally positioned within a 5 minute drive of South Bend’s premier shopping centers, including:
Proximity to University of Notre Dame: Campus Court sits within a 5 minute walk of the University of Notre Dame. The university has 13,092 students and over 3,500 employees. The school is one of the top 20 universities in the country and has an economic impact on the region of $2.46 billion annually.
THIS CONFIDENTIALITY AND BROKERAGE AGREEMENT ("Agreement") is made and agreed to by you ("Prospective Buyer") for the benefit of THE KIRKLAND COMPANY ("Broker"), with respect to certain real property ("Campus Court") located in South Bend, Indiana.
1 The Offering Memorandum has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the Property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective buyer may need or desire. All projections have been developed by Broker and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Owner and therefore are subject to variation.
NOW THEREFORE, the parties agree, in consideration of the covenants and agreements contained herein, as follows:
By submitting this form, you have acknowledged, read, and agreed to this above Confidentiality and Brokerage Agreement.
THIS CONFIDENTIALITY AND BROKERAGE AGREEMENT ("Agreement") is made and agreed to by and between THE KIRKLAND COMPANY ("Broker"), and "Prospective Buyer" with respect to the sale of certain real property located in South Bend, Indiana and known as Campus Court (“Property”).