1 Carleton Rd, Storrs Mansfield, CT 06268
5 Multifamily Properties Offered at $39,880,000 in Storrs Mansfield, CT
Asking Price $39,880,000
- Property Type
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Multifamily
Listing Contacts
- Property Info
Property Overview
The 283 Unit Student Portfolio at the University of Connecticut's main campus in Mansfield CT represents the leading portfolio surrounding the campus. This 5 building portfolio offers a turn key investment with immediate upside in rental rates to market. The going in CAP rate is 7.14% with growth to over 10% on the next leasing cycle to match the direct rental comps.
For those who wish to Add Value, the portfolio's "Standard" units can be cosmetically upgraded yielding a CAP rate of over 14% at the current direct comparable rents.
The majority of the portfolio is walking distance to Campus and on the University's Shuttle Bus route.
This growing University is the State's Flagship. It has over 25,000 students at the Mansfield Campus with just +/-12,000 beds. With high barriers to entry and every increasing rental rates and built in captive demand, the portfolio represents an outstanding opportunity.
For those who wish to Add Value, the portfolio's "Standard" units can be cosmetically upgraded yielding a CAP rate of over 14% at the current direct comparable rents.
The majority of the portfolio is walking distance to Campus and on the University's Shuttle Bus route.
This growing University is the State's Flagship. It has over 25,000 students at the Mansfield Campus with just +/-12,000 beds. With high barriers to entry and every increasing rental rates and built in captive demand, the portfolio represents an outstanding opportunity.
Highlights
- 283 Student Units in Supply Constrained Market
- High Barriers to Entry
- Turn Key Investment with 7.14% CAP Rate going in. Over 10% CAP Rate in bringing units to current market
- Add Value Opportunity for those wishing to upgrade "Standard" unit to over 14% CAP Rate
- High Occupancy at 98.5%
- Over 57,600 applicants to UCONN this year
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