900 E Park St
Carbondale, IL 62901

The Pointe at SIU is a 492-bed purpose built student housing property less than a mile east of Southern Illinois University in Carbondale, IL. Built in 2009, the property consists of all 2 and 3 bedroom units with bed-bath parity. The property truly is a full featured student community with a complete modern amenity set. The fully furnished units have large, open floor plans, full-size washer/dryers and individual private locking bedrooms, and balconies or patios. The community has a fitness center, swimming pool, outdoor basketball court, tanning beds, computer lab with private study rooms, and clubhouse and game room. The location is one of the best at SIU, walking distance to class, on the Saluki bus route, and the property has a shuttle to campus and the University Mall. The SIU Student Recreation center is just a few blocks away along with bars and restaurants on Grand Avenue. At less than half of replacement cost, The Pointe offers a tremendous price per pound basis. The opportunity exists to acquire a value add asset at a stabilizing university and see immediate cash yields while harboring the upside of rent and occupancy levels beginning to see signs of improvement. The unit interiors are original to 2009 and achieved rents that are approximately $100/bed below newer construction. Occupancy dipped to under 84% this school year after many years of 95+% occupancy. The Pointe is offered free and clear and could take advantage of historically low cost long term financing.