Campus Edge Apartments
Fayetteville, AR
Overview
Summary
- Price Market
- # Units 31
- Rentable SF 17,050 SF
- Year Built 1982 & 1985
Campus Edge Apartments presents buyers with the opportunity to acquire a value-add investment in a high-barrier-to-entry market steps away from the University of Arkansas. Comprised of 31 one-bedroom, one-bathroom units, Campus Edge is currently 100% occupied in a submarket that has realized 99% occupancy with 20% rent growth over the past three years. In an already undersupplied market, the University of Arkansas has once again broken its fall enrollment record, surpassing last year’s record of 32,000 students. Despite all 31 units having “classic” finishes, current ownership has experienced essentially no push back on increasing rents year over year.
Current ownership has invested a significant amount of capital for mechanical and structural upgrades, as well as new flooring in each unit. Renovated unit premiums have been proven out by several comparable properties in the immediate surrounding area. For example, an adjacent comparable property has asking rents $300 higher than the average effective rents of Campus Edge, proving out the value-add upside of this investment property. A new buyer will also have the opportunity to increase NOI by implementing utility billbacks for water, sewer and trash which is currently paid by ownership, as well as monetizing the laundry facility at the property.