APARTMENT Amenities
• TV Lounge
• Swimming Pool
• Basketball Court
• Business Center
• On-site Maintenance
• Hot Tub
• Community WiFi
• Club House
• Outdoor Grills
• Dog Park with Obstacles
• Sand Volleyball Court
• Fitness Center
• Study Lounge
Community Amenities
PROPERTY INFORMATION
LOCATION
Visit Doc Center
100 Wahoo Way, Charlottesville, VA
University of Virginia
2003
BUILT
528
BEDS
144
UNITS
Opportunity
Property Info
Location
Photo Gallery
Contact
Doc Center
Privacy
Terms of Use
PHOTO GALLERY
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
Brandon Buell
Senior Managing Director – Student Housing
346.444.8982 | brandon.buell@berkadia.com
Kevin Larimer
Senior Managing Director - Student Housing
248.341.3305 | kevin.larimer@berkadia.com
BERKADIA STUDENT HOUSING TEAM
CONTACT Info
Cole Carns
Director
804.780.9220 | cole.carns@berkadia.com
Mortgage Bankers
Aaron Moll
Director
248.208.0529 | aaron.moll@berkadia.com
Peter Benedetto
Senior Managing Director
248.208.3462 | peter.benedetto@berkadia.com
28411 Northwestern Highway,
Suite 300
Southfield, MI 48034
Phone: 248.646.7701
Detroit Office
2229 San Felipe Street,
Suite 1600
Houston, TX 77019
Phone: 713.974.1300
Houston Office
4445 Willard Ave
Suite 1200
Chevy Chase, MD 20815
P: 301.202.3550
P: 301.656.2451
D.C. METRO OFFICE
Significant Value-Add Opportunity
Cavalier Crossing offers a rare opportunity to acquire a fully amenitized, purpose-built student housing asset with tremendous upside at one of the nation’s premier universities. Available at dramatically below replacement cost, an investor should be able to quickly rebrand the asset and make it the preferred community for UVA students that want superior, modern amenities at a more affordable rent. The reward for an investor should be a total return exceeding 20%.
Premier Growth University
University of Virginia is widely recognized as one of the top universities in the United States. Ranked as the #5 Best Public University, #1 Public Law School and #3 Best Public Business School by US News & World Report as well as the #3 Best Business School by Bloomberg Businessweek, the university receives over 50,000 applications for admittance annually. UVA’s total enrollment for Fall 2022 was 26,149 students, which represents 13.8% enrollment growth over the last five years.
Exceptionally Strong Market Fundamentals
The Charlottesville student housing market enjoys some of the strongest fundamentals in the entire country. The market continuously operates at full occupancy, with many students required to double-occupy due to the lack of available housing close to campus. With only 4,154 beds in eight purpose-built student housing communities, demand for housing far exceeds supply. Market occupancy exceeds 99% and there are no immediate deliveries in the development pipeline.
Dramatic Rent Growth Potential
Average per bed rent is $1,211, excluding Cavalier Crossing from the calculation. Given the imbalance between supply and demand, rents will continue to see strong growth. With a rebranding of Cavalier Crossing, a new owner should be able to provide a significant value proposition to UVA students, while still offering high-quality unit finishes and a robust amenity package including pool, hot tub, fitness center, outdoor grills, basketball court and sand volleyball court.
Limited Development Pipeline
UVA anticipates continued enrollment growth, yet there are no development deliveries in the pipeline for 2024 or 2025. There is only one, small 390-bed project in the initial planning phase with no targeted start or delivery date. The extraordinarily strong market fundamentals in the UVA market should continue into the foreseeable future.
Outsized Yield
In Cavalier Crossing, there exists the opportunity for a purchaser to see dramatic asset appreciation after rebranding, upgrading and stabilizing operations. Conservatively, an investor should be able to realize a total return in the mid to low 20% range.
THE OPPORTUNITY
• Fully furnished units
• Balcony
• Dishwasher
• Air Conditioner
• Cable/Satellite
• Heat
• WiFi
• In Unit Washer & Dryer
• Stainless Steel Appliances
• Private Bathrooms
• Private Bedrooms
In the fall of 2022, the University of Virginia welcomed 23,423 students to the central campus, including 4,003 first-year students. Of the total student body at the start of the 2022 academic year, 16,735 were undergraduate students and 6,688 were seeking graduate and professional degrees. The University can accommodate 33% of the student body with a freshman live-on requirement. The remaining 67% or 15,585 students require off-campus housing, a significant demand.
University Overview
Location
Property Info
Opportunity
DOC CENTER
Terms of Use
Privacy
Photo Gallery
Contact
1,038
Avg Unit SIZE
$1.89
avg Rent / SF
1.25 mi
To Campus
Carter Wood
Senior Director
804.780.9247 | carter.wood@berkadia.com
Drew White
Senior Managing Director
240.396.1090 | drew.white@berkadia.com
Steve Skok
Managing Director
312.845.5164 | steve.skok@berkadia.com
BACK TO TOP
More Student Housing Opportunities
Aaron Moll
Senior Director
248.208.0529 | aaron.moll@berkadia.com
Aaron Moll
Senior Director
248.208.0529 | aaron.moll@berkadia.com
Cole Carns
Director
804.780.9220 | cole.carns@berkadia.com