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|Building Area Gross||
|Number of units||168|
Jones Lang LaSalle, L.P., JLL Real Estate Limited (collectively, “JLL”) is pleased to present The Edge at Lafayette (the “Property” or “The Edge”), a 524-bed, student-living community within a 3-minute drive of the athletic campus at the University of Louisiana at Lafayette (“ULL”). Despite an enrollment over 16,000 students in Fall 2020, there exists only 7 purpose-built, student-housing assets in the market, with only one new delivery since Fall 2014. In total, the off-campus market provides accommodations for under 3,200 students (19% of enrollment), indicating a substantial shortage of beds for ULL students. As freshman and graduate enrollment has risen and no supply is anticipated through at least Fall 2025, the bed shortage will only expand. Additionally—as the Lafayette market has only welcomed 595 new beds since 2014—there is a dearth of modern product augmented to the preferences of today’s student-renter. Though major capital-expenditure items—including the roofs being replaced in 2021—have been completed, the Class A property with functional layout and strong amenities represents a value-add opportunity via renovation of select communal and in-unit amenities. With the fundamental story supporting a Property primed for repositioning, The Edge represents a rare opportunity for quick stabilization with significant upside.
- Value-Add Potential – Property vintage and lack of new product indicates a renovation strategy has significant upside
- Lack of Modern Product – Only one purpose-built, student-housing project has delivered in the Lafayette market since 2014
- Empty Supply Pipeline – No new deliveries anticipated for the market through at least Fall 2025
- Severe Bed Shortage – With only 6,800 beds—both on- and off-campus—nearly 60% of ULL students are lacking purpose-built housing accommodations
- Expanding Technology Sector – Waves of new jobs in the tech sector have made Lafayette the technology capital of the region