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Grandview/Nobles Crossing

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Address: 1247 Graham Ave, Florence, AL 35630, USA

Atlanta & Southeast + Student Housing

Created date: March 11, 2025

Date last updated: March 11, 2025

This property offers a unique opportunity of short term private financing
with payments made on an interest only basis for three years at 6%
interest only with a 70% LTV–plus a 3-month deferment on payments,
which produces a Year 1 Cash on Cash return of almost 11%.
I N V E S T M E N T F E A T U R E S
P R I V A T E F I N A N C I N G
CASH ON CASH COMPARISON BY LOAN TYPE
To the right you can see a table and chart comparing the the Cash on
Cash Return by loan type. The proposed private financing produces a
return far superior than a CMBS loan.
INVESTMENT ADVANTAGE
As the data shows, there is a significant difference in cash returns
between the two loans. This offers new ownership an opportunity to
invest in this market with low assumed risk and favorable financing.

STUDENT HOUSING CONTRACT
These properties are tied to a master lease with the university
which leaves all of the management burden with the university.
The master leases are designed for the exclusive use of UNA for
student housing
With the scarcity of student housing, vacancy is a rare issue.
Rental rates are defined annually with board approval
TURNKEY & FULLY RENOVATED
Both properties are newly renovated
Fully furnished with modern amenities
This property has everything needed to continue its success
UNA & FLORENCE GROWTH
UNA enrollment has grown at an average rate of 7.17%
Florence population has grown 6.11% since the last census
Investment income for UNA increased $4.6 million in 2023
Auxiliary activities increased 20.4% due to student housing
Applications increased 17.6%
These properties are low-risk with low variation of their past and projected financial
data. As these properties are in a master lease with UNA, units stay mostly full
which helps these properties maintain the highest possible cash return each year.

Property Description

E X E C U T I V E S U M M A R Y This asset consists of two Student Housing Apartment Assets contracted with the University of North Alabama. The assets are comprised of 168 total beds located in Florence, Alabama adjacent to the UNA Campus. Grandview Campus and Nobles Crossing are located near or adjacent to the University of North Alabama campus in Florence, Alabama. These properties have recently been renovated which provides an opportunity for investors to acquire a property where all of the heavy work has already been completed. These properties work as a master tenancy, where the University of North Alabama is the primary tenant. The university uses grants and scholarships to provide boards for students who occupy these units. UNA handles all leasing and collections over the properties, and the owner is responsible for the rest. The current lease with the university is set to end in 2032. UNA pays all proceeds to the owner less an 11% management fee, and they are responsible for maintaining a minimum occupancy of 85%. Asking rents are currently at an average of $938 per bed with room to increase. The rents are set by the owner and defined annually with board approval. I N V E S T M E N T O V E R V I E W PRICE TBD PROPERTY 1 Grandview Campus Place ADDRESS 1 700 N. Graham Avenue, Florence, AL PROPERTY 2 Nobles Crossing Apartments ADDRESS 2 748 Nellie Avenue, Florence, AL MARKET | SUBMARKET Florence, AL | University of North Alabama YEAR BUILT 1958/1968 NUMBER OF BEDS 168 OCCUPANCY 95% RENT TYPE Student Housing RENOVATIONS Total Renovation 2022/2024 RENTABLE FT² 141,585

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Key Property Information

Listing Status:	Available
Property Types:	Student Housing
Price:	$18,000,000
No. of Units:	78
Cap Rate:	6.6%
Average Occupancy:	95
Year Built:	1968
No. of Stories:	2
Opportunity Zone:	No
Price per unit:	$230,769