Visit Doc Center
3701 North Marleon Drive | Muncie, IN 47304
2004
BUILT
216
UNITS
672
BEDS
Opportunity
Property Info
Photo Gallery
Contact
Doc Center
Privacy
Terms of Use
1,366
Avg Unit SF
$1.07
Avg Rent/SF
90%
Occupancy
APARTMENT Amenities
Two Outdoor Basketball Courts
Community Wi-Fi
24-Hour Two-Story Fitness Gym
Clubhouse
On-site Maintenance
Tanning Bed
Swimming Pool
TV Lounge
Fire Pit
•
•
•
•
•
•
•
•
•
In-Unit Washer / Dryer
Dishwasher
Private Bedrooms
Private Bathrooms
Wood Style Flooring
Air Conditioner
48 Inch Smart TV
HD Cable
Fully Furnished
•
•
•
•
•
•
•
•
•
Community Amenities
PROPERTY INFORMATION
Well-Established Asset in Limited-Competition Market
Berkadia is pleased to present the exclusive opportunity to acquire The Haven, a 672-bed Student Housing asset located less than a mile from the Ball State University (BSU) campus and minutes from downtown Muncie, Indiana. Built in 2004, The Haven is a well-established student asset in a market with extremely limited purpose-built competition.
Clearly Defined Upside Potential
The Haven offers a new investor several lucrative advantages, not the least of which is its exceptional upside potential. With the current average rent at just $468 per bed, the asset offers ample room for significant rent growth.
Expanding Rental Pool
Ball State University has continued to expand enrollment at an impressive pace over the last 10 years. Since the 2014/2015 academic year, enrollment has increased 4.6% to over 19,000 students, the vast majority of which are in need of off-campus housing.
Strong Growth Drivers: Campus Development
BSU continues to invest heavily in campus development to provide new classrooms and facilities for its ever-expanding student and faculty population. Currently, the university has $405 million in academic building development underway, attracting more students and staff to the campus every year.
High-Demand Market
With a limited competitive set of only three other purpose-built assets in the market, The Haven benefits from BSU’s vast student population. More than 20,000 students now converge on the university’s campus every year, driving ever-increasing demand for off-campus living accommodations.
Sustained Occupancy
As there is currently no new housing in the development pipeline, The Haven stands to benefit from sustained high occupancy for the foreseeable future. Considering this asset’s overwhelming student demand, limited competition, optimal location, strong growth drivers and immediate rental upside, The Haven provides a new investor with an exceptional opportunity.
THE OPPORTUNITY
Established in 1918, Ball State University's (Ball State) founders believed in an education rooted in creativity and intellectual curiosity. Since then, the four-year research university has transformed into an economic generator and mainstay of the Muncie region. With highly respected programs in education, architecture, business, and communications, Ball State University attracts students from across the world. Ball State welcomed 15,846 full-time students for the start of the 2022-23 academic year. Over 3,300 faculty and staff support the current student body, preparing students for the global workforce.
In fall 2022, the university welcomed 15,846 full-time students. Among the undergraduate student body, approximately 89% are in-state residents. As one of the state's largest universities, Ball State continues to attract top talent.
The university can accommodate 5,705 students on-campus and stipulates that all students are required to live in university housing for two semesters unless they will be 21 years of age prior to the beginning of the term, have 24 or more semester hours achieved, are married or have children, or are living with a parent or guardian within a 60-mile radius of campus. 64% or 10,141 students are in need of off-campus housing. The Haven is one of the few properties in Muncie that provide purpose-built student housing.
University Overview
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
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
211 West Main Street
Suite 302
Carmel, IN 46032
Indianapolis Office
Steve Skok
Managing Director
312.845.5164 | steve.skok@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
University Overview
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
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
Steve Skok
Managing Director
312.845.5164 | steve.skok@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
University Overview
Property Info
Opportunity
DOC CENTER
Terms of Use
Privacy
Photo Gallery
Contact
LOCATION
Chris Bruzas
Managing Director
317.370.5515 | chris.bruzas@berkadia.com
