Villas at Wesleyan
Master lease on 16 units with ownership only paying taxes and insurance for those 16 units
Marketing description
Villas at Wesleyan presents investors with a stable, cash flowing, new construction student housing asset sitting adjacent to North Carolina Wesleyan University (NCWU) who has a master lease on 16 of the 22 units for another seven years.
Given the close proximity to the University and newer vintage compared to on-campus offerings, the asset is highly attractive to students with the University having a stringent, GPA based selection process for students who want to live in the master leased units. The master lease also presents highly favorable terms with the University covering all costs except for taxes, insurance, and replacement of building systems.
Beyond the proximity to NCWU, the asset is less than 10 minutes from Rocky Mount Mills, an adaptive reuse mixed-use project completed in 2019 and still seeing great new openings with three retailers opening since 2025. Rocky Mount is experiencing continued growth nearby Villas at Wesleyan with the city leading the charge with infrastructure investments already underway for a mixed-use mega site development at the corner of I-95 and US 64 less than 15 minutes away from Villas at Wesleyan. The site sits on 336 acres and is generating strong interest from regional developers especially considering the 90 million vehicles that drive by the site annually.
Villas at Wesleyan offers strong, stable cash-flow as well as optionality in exit strategy with strong nearby home prices and recent developments further bolstering the desirability of the location.
Investment highlights
Unique New Construction Opportunity
- 2018, 2019, and 2023 construction
- Turn key asset
- Villas at Wesleyan makes up 37.3% of all townhome product in the market and is the only townhome product built this century
Stable Cash Flow
- 7 years remaining on master lease of 16 units with North Carolina Wesleyan University
- Most desirable student housing offering by the University with GPA requirements to rent
- >$300 gap between owner charged rents and what the University is charging
Strong Master Lease Terms
- 2.5% annual escalations
- 7 years remaining term
- Minimal expense load on master leased units
Well Located Within Rocky Mount
- Neighborhood seeing average home sales of $437k over trailing 24 months.
- Asset within walking distance to NCWU
- Strong nearby activity with Rocky Mount Mills (<10-minute drive) developed in 2019 and Commons at Sunset (<15-minute drive) recently announced as a major mixed-use development
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