the-glen

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1831 W Northpark Blvd, San Bernardino, CA 92407

104

UNITS

98%

Preleased

593

BEDS

Opportunity

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Community Features

High Quality, Fully Furnished with Full Size Beds Solid Wood, Individually Locking Doors Vaulted Ceilings (select plans/rooms) Walk-In or Two Closets Each Bedroom has its own Spacious Private Bathroom Large Soaking Tubs Ample Kitchen Cabinet Space w/ Kitchen Island 22 cubic-foot Refrigerators Onyx Countertops in Bathrooms and Kitchens Stainless Steel, Brand Name Appliances High Quality Furniture & Smart TV Central Air Conditioning Balconies, Patios and/or Front Porches Breathtaking Views of the San Bernardino Mountains Front Load Washers and Dryers Large hot water heater

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Sparkling Heated Pool and Hot Tub Pool Lounging Sundeck with Coolcrete Outdoor Cabana Lounging Area with 50” TV Outdoor Kitchen with Grilling Stations and Onyx Countertops Beautiful Landscaping Throughout the Community Three-Story 24/7 Clubhouse Including: Multi-Purpose Fitness Facilities with State-of-the-Art Fitness Equipment On Demand Virtual Fitness Game Room with Shuffleboard, Pool Table, PlayStation4, and Xbox Study Rooms Reading Room Executive Business Center with AQUOS 60” Clubroom with 50” TVs Free High-Speed Wi-Fi Throughout

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Interior Luxuries

PROPERTY INFORMATION

LOCATION

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© 2023 Berkadia Proprietary Holding LLC Berkadia® is a trademark of Berkadia Proprietary Holding LLC Investment sales / real estate brokerage business is 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. This website is not intended to solicit commercial mortgage loan brokerage business in Nevada. In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker Lic. #01931050, Berkadia Commercial Mortgage LLC under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. 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

28411 Northwestern Highway, STE 300 Southfield, MI 48034 Phone: 248.646.7701

Detroit Office

2229 San Felipe Street, Ste 1600 Houston, TX 77019 Phone: 713.974.1300

Houston Office

125 South Wacker Drive Suite 400 Chicago, IL 60606 Phone: 312.845.8500

Chicago Office

Rachel Parsons

Senior Managing Director - Irvine, CA 949.242.4082 | rachel.parsons@berkadia.com

Steve Skok

Managing Director 312.845.5164 | steve.skok@berkadia.com

Mortgage Bankers

Aaron Moll

Senior Director 248.208.0529 | aaron.moll@berkadia.com

Peter Benedetto

Senior Managing Director 248.208.3462 | peter.benedetto@berkadia.com

Pedestrian Location: Immediately adjacent to California State University, San Bernardino (CSUSB). There is no on-campus living requirement and only 1,852 on-campus beds for students. From The Glen, students can walk to the furthest academic building in less than 10 minutes. Growing University: CSUSB is a preeminent center of intellectual and cultural activity in the Inland Empire. Over the last decade, CSUSB’s enrollment has grown by over 12%. In the fall of 2022, CSUSB enrollment was 19,467 students. Above Market Yield: With the ability to burn off below market rents as units turn, a purchaser should be able to eliminate the 8.25% loss-to-lease and realize a leveraged IRR above 15% over a seven-year hold period. Significant Housing Demand: Approximately 91%, or just over 17,600 students, require off-campus housing accommodations. Unlike other Southern California markets, the Inland Empire in an average year grows by almost 50,000 residents. With limited new development and high market occupancy, The Glen sees strong demand due to its affordable rent of only $2.18 PSF and its high-quality construction characteristics. Purpose-Built Asset: The Glen is the only purpose-built student housing community in the market. The property is the highest-quality multifamily community in the immediate area. Best In Class Amenities: The asset offers a resort-style pool with grills and cabanas, full-service fitness center and the best amenity offering in the entire market. Condo Quality Living: The Glen boasts oversized units averaging nearly 2,700 square feet with condo quality finishes, large bedrooms with ensuite bathrooms, in-unit laundry, and one bedroom in each unit designed for double occupancy to provide even more cost affordability to students.

THE OPPORTUNITY

Approximately 19,467 students enrolled at California State University, San Bernardino (CSUSB) at the start of the 2022-2023 academic year. Of these students, 16,813 were undergraduate students while another 2,654 were enrolled as graduate or professional students. The university attracted nearly 27,120 applicants for the fall 2022 semester, with 2,343 first-year, first-time freshmen enrolling. California State University, San Bernardino heavily encourages all first-year freshmen to live on campus. However, there is no requirement that first-year students must live on campus. CSUSB's attraction expanded beyond freshmen as the university also added nearly 2,400 transfer students in the fall 2022 semester, many of which from the California community colleges. CSUSB can accommodate only 10% of the student body in on-campus housing, the remaining 90% or 17,615 students are in need of off-campus housing creating significant need.

University Overview

2,686

Avg Unit Size SF

$2.18

Avg Rent per SF

2015

YEAR BUILT