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Student Housing Opportunity in Salisbury, MD

Investment Highlights:

  • Proximity to Campus – The Property is located approximately 0.5 miles from the Salisbury University campus, providing residents with a rare opportunity to live near classes, retail, and university athletics.   
  • Premier Student Amenities – University Village offers students countless amenities including a 24-hour fitness center, swimming pool, collegiate-sized basketball court, luxury-style movie theater room, and a shuttle to the Salisbury University campus. 
  • Value-Add Potential - Excellent opportunity for a new investor to add value by increasing occupancy and bringing rental rates up to market through increased marketing efforts and unit upgrades.  Showcasing the viability of the Property’s value-add potential, 20 of the Property’s 148 total units were renovated and subsequently leased as premium units in 2017.  These premium units have since enjoyed increased occupancy and a rent premium of approximately 16% over the Property’s standard units, presenting an investor the opportunity to continue this renovation program.

 

Executive Summary

RealINSIGHT Marketplace and Holliday Fenoglio Fowler, L.P. (“HFF”) are pleased to present University Village (the “Property”), a 148 unit / 592-bed purpose-built student housing community with direct access to Salisbury University in Salisbury, Maryland (approximately 115 miles southeast of both Washington DC and Baltimore).  Built-in 2004 and located steps from Sea Gull Stadium, University Village offers residents a premier student living experience with spacious four-bedroom floorplans, all-inclusive utilities, and private bathrooms for every bedroom.  The Property also provides luxury community amenities that include a 24-hour fitness center, swimming pool, state-of-the-art movie theatre room, basketball and sand volleyball courts, hammocks and BBQ grills, and a community clubhouse with Wi-Fi throughout.  

The Property serves the diverse student population at Salisbury University, one of the top public universities in the Northeastern United States and ranked among U.S. News and World Report’s Best Colleges for the 21st consecutive year.  Reporting fall 2017 enrollment of nearly 9,000 students, Salisbury University has seen a 26% increase in applicants over the past decade and is projected to expand enrollment by approximately 8% by 2021.  With no purpose-built student housing projects in the development pipeline, University Village is strategically positioned to capture the growing demand for student housing at Salisbury University. 

While offering excellent proximity to a growing university campus and an amenities package that is one of the strongest in the market, University Village offers a distinct repositioning opportunity that has the potential to generate significant yields for a potential investor.  Specifically, average rental rates and occupancy at University Village are considerably below the competitive set, creating an opportunity for increased NOI through strategic rebranding and apartment upgrades.

 

Stephen Conley, a licensed real estate broker in the state of Maryland, along with Holliday Fenoglio Fowler, L.P. (collectively "HFF").

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Disclaimer: The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions.

Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace, (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property.

You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.

University Village at Salisbury MD

202 Onley Road, Salisbury, MD 21804

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Asset Snapshot

  • Asset Type
  • Real Estate
  •  
  • Multifamily Type
  • Student Housing
  • Property Size
  • 592 Units
  • Bed Count
  • 592
  • Land Area
  • 14.69 Acres
  • Year Built
  • 2004
  • Number of Floors
  • 3
  • Number of Buildings
  • 11
  • Parking Count
  • 576
  • Occupancy
  • 43.24%
  • Occupancy as of
  • Jul 31, 2018
  • Platform Fee

    Platform fee for this transaction is 5.00% or a minimum of $25,000.

  • Auctioneer

    1. Lynne Zink

      c/o Fisher Auction Company Inc.