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With the ability to inherit the opportunity zone designation and tax benefits, if purchase is completed before the certificate of occupancy is issued.
Appalachian State University enrolls over 20,000 students and can only accommodate just over 5K with on-campus housing. Leaving nearly 73% of the student body in need of off-campus housing. The average occupancy in the market is above 98% occupancy.
The high-end finishes and attractive unit mix, including studios, one-, two-, and three-bedrooms is popular among ASU students. As of June 1st, the asset was 91% preleased with continued strong leasing momentum.
Developer focus is on lease up, with strategically low rents. With pre-leasing above 91% and trailing rents in all unit types, there is significant rent growth potential.
Since 2015, Appalachian State University enrollment has grown 11.7% reaching over 20,000 students in 2020. With an annual enrollment growth rate of 2.3% over the last five years. The graduate student population has continued to expand at double-digit rates, which bodes well for Peak of Boone’s high-end, new units.
The great state of North Carolina continues to rank very highly in national population growth. The 18- to 24-year-old demographic is on the influx with continuous record-breaking high school graduation rates in the years to come.
Appalachian State University (App State), located in the Blue Ridge Mountains, is part of the 17-campus University of North Carolina System. The university offers a wide range of undergraduate and graduate programs to more than 20,000 students. As the premier public undergraduate institution in the state of North Carolina, App State ranks No. 3 among the "Top Public Schools in the South" and is considered the No. 1 "Most Innovative School in the South" by U.S. News & World Report. Furthermore, the university's access to creative faculty, academically challenging settings, and diverse natural resources offers unique opportunities for research and scholarship.
Campus living at Appalachian State University is offered through a variety of apartments and residential communities. Single and Double rooms primarily make up the university's unit mix, generating an average room rate of $3,027 per semester. Spread across approximately 20 residence halls, App State housing can accommodate up to 5,347 students, leaving 14,676 students in need of off-campus housing options.
Appalachian State University enrolled a robust 20,023 students at the start of the fall 2020 semester, up 3.9% from one year prior and 9.4% growth rate from over the past five years. Among the total student body, there were 18,061 undergraduates and 1,962 students pursuing graduate or professional degrees. Overall, App State received 18,178 new freshman applications for the fall 2020 semester, which resulted in 14,453 admissions, or a 72.7% acceptance rate. Of those that were admitted, the university officially welcomed 3,906 first-year freshmen, an 11.6% increase from the previous year. In addition, there 1,459 transfer students welcomed to campus. In the near-term, enrollment for the university looks promising as campus facilities continue to be upgraded and App State holds its position as one of the best public universities in the region.
According to the Appalachian Stare University Division of Student Affairs, all students classified as incoming freshmen are required to live in university-affiliated housing. Overall, the university offers enough beds to house up to accommodate 5,347 students across all apartments and residence halls. That leave 73% or 14,676 students in need of Off-campus housing.
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