2016 June

Development Update: Eagle Flatts

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Eagle Flatts officially joined the CREI portfolio on January 11, 2016 under the name University Edge.  At the time of acquisition, the property had only preleased 36 beds for the 2016-17 school year.  The leasing progress since that time has been nothing short of amazing.

As of March 22, 2016 the property is 73.64% preleased with 285 leases in hand. Additionally, the property team has already surpassed the 20% renewal goal by 12 percentage points and counting.  While seeing great leasing velocity, we have also been able to increase rates on two different floor plans twice and a single time on another floor plan – all in just two short months.  This miraculous turnaround is a testament to a sound leasing strategy and teamwork.

Renovations are progressing nicely on the units we are working on for delivery by the commencement of the 2016-17 school year.  By this interim delivery deadline, we will have subdivided 24 four bedroom units and created 24 one bedroom units and 24 two bedroom units in their place.  This heavy renovation will create more low density units that the Hattiesburg market is currently starved for.  Models for these newly created floorplans are scheduled for delivery during the last week of March 2016 with the first phase of rentable units shortly thereafter.  We will be subdividing the property’s remaining 60 four bedroom units over the course of the 2016-17 school year.  We are also currently doing lighter renovations (fixture & finish work) on 36 four bedroom units and 36 two bedroom units.  We were fortunate to deliver models for these floorplans prior to acquisition with some cooperation from previous ownership and quick mobilization by our development and construction staffs.  Renovations on all units will be complete prior to the 2017-18 school year, and we just recently delivered our first phase of 15 finished units.