Student Housing Portfolio | 5 Townhomes | Virginia Tech
One South Commercial is pleased to bring to market a 5 unit student housing portfolio located just walking distance from the Virginia Tech campus.
The townhomes are located within the Pheasant Run community at 404, 409, 427, and 431 Janie Lane as well as one home in the Pheasant Run Crossing community at 404 Laurence Lane.
Just a quick walk from the heart of the Virginia Tech campus, this portfolio is a rare opportunity for an investor to purchase prime student housing in Blacksburg, Virginia.
The five townhomes consist of 4 bedroom/ 2 ½ bathroom layouts with spacious dining and living areas. Residents of the homes enjoy a plethora of amenities including in unit washer/ dryer, designated parking, and outdoor deck space. Both Pheasant Run and Pheasant Run Crossing HOAs provide residents with community pool access and cover all exterior maintenance for the properties including landscaping, exterior brick and siding upkeep, and roof maintenance.
The units are currently rented on a per bedroom basis for $600 a month. Market rents in Blacksburg sThe units are currently rented on a per bedroom basis for a minimum of $600/month. Market rents in Blacksburg support a rental rate increase to $750 per month, per bedroom. This allows for a value add opportunity leading to the property portfolio performing at a 7.6% cap rate.
Virginia Tech plans to double in size both in terms of student enrollment and the physical campus footprint by 2047 making it one of the nation’s fastest growing universities in the country. A townhome portfolio such as this rarely comes to market. Do not miss this opportunity if you are an investor looking to invest in a rapidly expanding student centric market!
|Parcel ID||032488, 032486, 032477, 032475, 033349|