Below Market Rents: College Courtyard sits $300+ below top-of-market rent of nearby multifamily assets allowing new ownership to increase NOI through rent increases.
Value-Add Opportunity: New ownership will have the opportunity to add value to the property through light interior renovations. These include updates such as new countertops, lighting, fixtures, hardware, and/or appliances. Furthermore, the project is low in density and the site has potential to build additional units.
Partnership With Northwest Florida State College: Current ownership has a master lease in place with Northwest Florida State College for the housing of their student athletes. The master lease encumbers 32 units with the current leased rate averaging to $1,160/unit. On August 1, 2024 the master lease rent increases to $39,995 monthly, bringing the new leased rate average to $1,250/unit. Upon expiration of the master lease on January 31, 2025, the college has the option for one six month extension beginning on February 1, 2025 and ending July 31, 2025.
Joint Venture Partnership with Current Ownership: Current Ownership has a 3.25% loan with Valley National Bank and would consider the possibility of a joint venture in order to maintain current financing.
Impressive Demographics: Within the 3-mile radius of College Courtyard, the median Household Income is $85,111, which is
higher than both the average Okaloosa County and state of Florida median HHI.
Limited Supply In Growing Market: The market of Ft. Walton Beach has seen population growth of ~20% since 2010, showing the area’s ever-growing economy which has benefitted from tourism and a heavy government/military presence. Niceville, specifically, only has 24 units being delivered in 2024, giving new ownership the chance to acquire an asset in a market with limited supply.
High-Quality School System: Tenants at College Courtyard will have access to one of Niceville’s best school districts. Niceville Senior HS, CW Ruckel Middle School, and Lula J. Edge Elementary School are all rated 7/10 according to greatschools.org.
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 ("College Courtyard") located in Niceville, Florida.
BACKGROUND:
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 Niceville, Florida and known as College Courtyard (“Property”).
NOW THEREFORE, the parties agree, in consideration of the covenants and agreements contained herein, as follows: