748 Nellie Ave, Florence, AL 35630

This offering presents an opportunity to acquire a stabilized, master-leased student housing portfolio adjacent to the University of North Alabama in Florence, AL. The portfolio consists of Grandview Campus and Nobles Crossing, both operated under a Master Lease with the University, which manages the communities as university housing. This arrangement reduces traditional student leasing risk and provides predictable institutional-style income. Grandview Campus, located at 1247 Graham Ave, spans 4.1 acres and features 56 units with 120 bedrooms. The units are fully furnished and equipped with Apogee WiFi. The property provides 80 parking spaces and was renovated in 2023/24. It is situated 6 blocks from campus. Nobles Crossing, located at 748 Nellie Ave, covers 1.6 acres and includes 32 units with 48 bedrooms. These units are also fully furnished and offer Apogee WiFi. Renovated in 2022/23, Nobles Crossing is adjacent to campus. The portfolio is 100% occupied and generates $1,200,000 NOI with a 6.66% going-in cap rate. Structured financing is available, including a senior loan from a local credit union for $10.8MM with a 5-year term, 25-year amortization, and a 6.50% fixed interest rate, with an interest-only option for the first 2 years. Seller financing is also available for $3.6MM with a 5-year term and interest rates of 4.12% for years 1-3 and Prime +1% for years 4-5, also interest-only. Total leverage is 80%.