- Proven Interior Value-Add Opportunity
- Located in Opportunity Zone
- Multiple Renovation Levels Offering Several Value-Add Upside Opportunities
- Strategic Location: Walkable to LSU
- Surrounded by Retail, Restaurants, and Employers
- 18 Brand New Units with High-End Upgrades
- $1.4M+ in CAPEX Recently Invested
- Significant Operational Upside
- $400k+ in Upside via Proven Utility Reimbursement Program
- Offered Free and Clear of Existing Debt
Proven Interior Value-Add Opportunity
Within the past 12 months, 30 units have been renovated with new appliances, VWP flooring/carpet, hard-rock surface counters, light/fixtures, and fans, and painted cabinets. Market rents are $60 higher on one-bedroom units, $95 higher on the two-bedroom units, and $150 higher on the three-bedroom units.
Located in Opportunity Zone
The Cove is located at the very edge of an Opportunity Zone. Potential benefits for new ownership may include tax incentives, access to grants and subsidies for improvements, affordable housing incentives, and streamlined permitting processes for renovation projects.
Local government is prioritizing infrastructure improvements within this area. The combined effect of tax incentives, job creation, and infrastructure improvements in the area stands to contribute significantly to the property’s appreciation over time. New ownership may see a significant increase in the value of the asset as the surrounding area continues to develop and becomes even more desirable.
Strategic Location: Walkable to LSU
The Cove is strategically located directly across the street from Louisiana State University, an economic anchor for the community and one of the main economic generators in all of Louisiana.
Even during economic downturns, the demand for education remains relatively stable, which contributes to the resilience of the local rental market.
The surrounding area boasts a steady influx of students seeking housing near LSU. The demand for accommodation from students and faculty contributes to a consistent and reliable rental market.
Due to the convenience of living near the university, new ownership may have the opportunity to charge premium rents. Students prioritize proximity to campus and are willing to pay a higher price for the convenience of walking to classes. Current ownership has maintained a student renter population of less than 20%.
