Property Information
Details
University Edge is a Class A asset strategically located one-third of a mile from East Tennessee State University (ETSU). Given the location of this premier asset, University Edge gains a competitive advantage apart from its closest competition by its first-rate amenity package and adjacent location to ETSU’s Thomas Stadium, the home of ETSU baseball.
The location of University Edge coupled with its first-rate amenity package has proven to be a driving factor for the property’s historical year-over-year stabilization. University Edge has consistently led the market and is currently 100 percent occupied. The tremendous leasing velocity, bolstered by the complex’s superior asset quality, supplements investor focus on achieving optimized rental rate growth.
Number of Units
Number of Beds
Style
Year Built
Net Rentable SF
Land Size
Average Unit Size
Occupancy
192
624
Garden
2011
231,168 ± SF
12.41 Acres
1,204 SF
100%
Investment Highlights
Unparalleled Asset Quality
University Edge is a proven commodity within the submarket, with current occupancy at 100%. The asset is a mainstay within the East Tennessee State submarket and offers students the best in location and luxury accommodations.
12% Enrollment Growth and Pedestrian Access
University Edge is strategically located just one-third of a mile from campus. East Tennessee State University has over 14,000 students with enrollment forecasted to grow by 11.8% by 2022. Assuming enrollment projections prove correct, ownership will be afforded the opportunity to capture operational upside and drive substantial NOI growth over the hold period.
Zero Off-Campus Supply Pipeline
University Edge occupancy is currently 100% given the lack of purpose-built accommodations in the Johnson City submarket. There are currently zero on- or off-campus student developments planned, underscoring the opportunity for ownership to push rental rates and significantly drive revenue.
Adjacent Location to Thomas Stadium
University Edge is adjacently located to Thomas Stadium, the home of ETSU baseball. The 1,000-seat stadium features picnic-style hillside seating along the baselines, a state-of-the art Daktronics LED video board, TV-quality lighting, modern concessions and restroom facilities, and a FieldTurf™ playing surface. Unique to the Thomas Stadium experience is University Edge, with apartment balconies that overlook left field.
Community Amenities
Spacious Resident Clubhouse
Resident lounge with several seating areas
HDTVs throughout
Private movie theater
Secluded cyber café study lounge
Large veranda
Activity/club room with:
Lounge areas
Billiard table
24-hour state-of-the-art fitness center
WiFi access throughout
Tanning bed
Central Courtyard
Resort-style pool with large sundeck
Poolside lounge seating
Shaded tables with seating
Fire pit with circular seating
Secondary Courtyard
Barbecue grills and picnic areas
Green space with landscaping
Pet friendly
Ample bicycle parking
PROPERTY PHOTOS
Best-in-Class Finishes
University edge offers students of Johnson City best-in-market finishes in every unit. Each apartment features contemporary professional design that is tied together with modern furniture and an open layout. Interior luxuries include a complete appliance package with built in microwaves, custom wood cabinetry, designer lighting, large open layouts, oversized walk-in closets, and a full-size washer and dryer in every unit. The property offers a diverse mix of open floor plans including two, three, and four-bedroom units with 100% bed to bath parity.
UNIT MIX
Floor Plans
Aerial Photo
East Tennessee State University
East Tennessee State University (ETSU), located in Johnson City, TN, is the fourth largest university in the state, enrolling over 14,500 students. ETSU places emphasis on community-based partnerships and interdisciplinary learning as a leader in improving the intellectual, cultural, economic, political, social, and health environments of the Southern Appalachian region. The university offers undergraduate, masters, and doctorate programs through 11 colleges and schools that concentrate on arts and sciences, business, education, health sciences, and technology.
Listed by The Princeton Review as one of America’s Best Value Colleges, ETSU has a host of programs that benefit both the region and nation, including the James H. Quillen College of Medicine, consistently ranked as one of the top schools nationwide for rural medicine and primary care education, the Bill Gatton College of Pharmacy, the College of Nursing, the College of Public Health, and the recently formed College of Clinical and Rehabilitative Health Sciences.
ETSU is a pioneer in unique curriculums, including a nationally acclaimed and accredited program in Bluegrass, Old Time, and Country Music, the nation’s only master’s degree in Storytelling, and an Appalachians Studies program, focused on the surrounding Appalachian region. In 2010, ETSU debuted its Ph.D. program in Sport Physiology and Performance, the first of its kind in the U.S., focusing on sports science and athletic physiology.
The ETSU Buccaneers compete in NCAA Division I athletics as part of the Southern Conference. The Buccaneers field teams in 16 sports, including both men’s and women’s. ETSU historically features competitive men’s basketball teams, with their most recent appearance in the NCAA Tournament in 2017. The campus recently completed its new $33.4M stadium, William B. Greene Jr. Stadium, for its reinstated men’s football team.
To keep up with enrollment demand, ETSU is investing over $158.2M over the next five years in campus renovation and construction projects, marking the most invested capital in the university than any other measurable period in the institution’s history.
Johnson City
Johnson City, Tennessee, part of Washington County, is home to over 66,600 residents in the northeastern tip of the state. Framed by the Appalachian Mountains to the west and the Blue Ridge Mountains to the east, Johnson City offers a bustling downtown, picturesque recreational opportunities, and a strong economy built on higher education and healthcare. Johnson City has been named as one of the top 100 places to live in the U.S. by Livability.com, as well as #65 among the Best Small Place for Business and Careers by Forbes. Washington County is also the fastest-growing county east of Knoxville, home to over 126,000.
More than 7,000 businesses of all sizes are located in Washington County; most of them reside within Johnson City, where a thriving downtown area filled with eclectic restaurants and entertainment venues complements the variety of retail establishments found uptown. Johnson City’s strategic location in eastern Tennessee puts it within a day’s drive of nearly 50 percent of the population, making it a prime location for conducting business operations. Johnson City is an economic hub largely fueled by East Tennessee State University and the "Med-Tech" corridor, anchored by the Johnson City Medical Center, Franklin Woods Community Hospital, ETSU's Gatton College of Pharmacy and ETSU's Quillen College of Medicine. Johnson City serves as a regional medical center for northeast Tennessee and southwest Virginia, along with parts of western North Carolina and southeastern Kentucky.
Downtown Johnson City has transformed into a vibrant epicenter filled with local restaurants, boutique shopping, art galleries, museums, urban living, office space, cultural activities, local breweries, and entertainment. Surrounded by mountains and rivers, downtown offers the perfect balance of nature and city. Founders Park is a beautiful five-acre greenspace in the heart of the downtown district, featuring trails, an amphitheater, an open-air pavilion, and public art installations. The Tweetsie Trail, converted from a former railway, is a 10-mile multi-purpose trail connecting downtown Johnson City to nearby Elizabethton, providing residents and tourists alike a unique hike/ride through eastern Tennessee. Economic development is strong in the city’s core as dozens of new businesses and mixed-use residential complexes continue to open each year.