Nellie Ave, Florence, AL 35630

Located in Florence, Alabama, near the University of North Alabama campus, these two student housing apartment assets offer a unique investment opportunity. The properties consist of 168 beds and are contracted with the University of North Alabama. The properties, Grandview Campus Place and Nobles Crossing, have been recently renovated and are fully furnished with modern amenities. The properties operate under a master tenancy, where the University of North Alabama is the primary tenant, utilizing grants and scholarships to provide housing for students. UNA handles all leasing and collections, while the owner is responsible for property maintenance. The current lease with the university extends to 2032. The university pays all proceeds to the owner, less an 11% management fee, and maintains a minimum occupancy of 85%. Current asking rents average $938 per bed, with potential for increases, subject to annual board approval. The location provides convenient access to the University of North Alabama, dining, shopping, and Wilson Park. These properties are designed for the exclusive use of UNA for student housing. The properties benefit from the scarcity of student housing, which minimizes vacancy concerns. The properties are low-risk with low variation of their past and projected financial data. The Florence population has grown 6.11% since the last census. Investment income for UNA increased $4.6 million in 2023, and auxiliary activities increased 20.4% due to student housing. Applications increased 17.6%.