Highlights

• Complex built in 1999/2000/2006
• 248 units - 752 beds beside Marshall University campus
• 24 one bed units under contruction with May completion (All 24 pre-leased)

• Attractive in-place debt to be assumed
• All inclusive rent structure

Description

The subject property is a 248 unit, 752 bed complex located beside Marshall University campus which has approximately 16,000 students in enrollment with approximately 9,800 students living on or around campus. The property was built in 1999/2000/2006 and is in excellent condition. The owner is currently constructing 24 one bedroom units, all of which are pre-leased. This is a unique opportunity for an investor to acquire and control the most recently built and largest complex beside Marshall University campus. There is no significant land around Marshall University Campus for development. With only 2,200 students in dormitories, this opportunity offers tremendous upside through increased occupancy and rental growth. The economic growth and development in Huntington and on Marshall University Campus is explosive. Recent developments include the $84 million expansion to Cabell Huntington Hospital for cancer research, $40 million Biotechnology Science Center, $30 million Health and Wellness Center, and $22 million Clinical Educational Outreach Center. There are additional campus projects in progress.

Huntington, West Virginia is the second largest city in West Virginia and is located in the southwestern part of the state on the Ohio River. As cities across the country fall into decay, as people move to the suburbs and malls take away their business, Huntington has managedto maintain a viable downtown. In fact, today the city is growing with many renovations, the development of Pullman Square a 200,000 square foot project with a new state-of-the-art multiplex movie theater (the only one in the market) - with an assortment of specialty retail shops, restaurants and entertainment venues and the technology center, Kinetic Park a 400,000 sf technology site on 25 acres with an additional 12 acres dedicated for retail, restaurants, and hotels.