1413 W University Ave, Muncie, IN 47303

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Building Details:

• Year Built: 1950

INVESTMENT RATIONALE
Summit Realty Group has been retained as the exclusive investment advisor in the sale of University Lofts, a fully-occupied student housing property located two blocks from Ball State University, in Muncie, Indiana. University Lofts became REO in April of 2013; professional management was put into place in May of 2013. Offers will be addressed in the order received, and should be in a standard letter of intent format. The property is being offered on an as-is, where-is basis.

INVESTMENT HIGHLIGHTS
THE OPPORTUNITY
The acquisition of University Lofts presents the rare opportunity to purchase a student housing asset adjacent to Ball State University. The property is free of existing debt, and the majority of the existing tenants are on 12-month leases.

VALUE-ADD
The current occupancy at University Lofts is 100%, allowing for rental increases for the 2014-15 school year. Average rents are $0.76 psf, well below the comparable property average of $0.93 psf. Two units contain original finishes, and substantial rental increases could be realized after renovation. The Owner is also currently paying 100% of the water/sewer expense.

LOCATION
University Lofts is located in Muncie, Indiana, the home of Ball State University. Ball State University (BSU) is a public university of more than 21,000 students. As David Letterman�s alma mater, BSU often receives �late night� accolades.

In addition to the university, the property is also located within two blocks of University Village � the primary collection of retail adjacent to campus, which includes popular Scotty�s Brewhouse and TIS College Bookstore. Village Promenade is a new $60 million redevelopment project currently under construction in the heart of University Village. This new development will consist of two new buildings with more than 300,000 square feet of apartments, commercial space and a parking garage.