22 Exchange

22 Exchange

  • 22 E Exchange Street | Akron, Ohio
  • Property Type: Student Housing
  • Size: 471-Bed Student Housing Community
  • Assignment Type: Receiver

UNIVERSITY

University of Akron, Ohio
Total Enrollment of 18,500 Students

TAKEOVER DATE

March 2018-Middle of Leasing Cycle

OCCUPANCY AT TAKEOVER

80% Occupied, 25% Pre-Leased

SOLUTIONS

Improve Lighting in Interior Corridors, Upgrade Select Amenities and Leasing Center Based on Resident Feedback, Enhance the Living-Learning Experience On-Site, Establish New Marketing Campaign with an Emphasis on Renewals, Reset Rents to Market

RESULTS

92% Occupancy (Renewal Rate of 50%) for the 2019–20 Academic Year, 80% Pre-Leased for the 2020–2021 Academic Year (Leads the Market), Increased Rents by $95 per floor plan

CURRENT STATUS

Marketed for Sale, Sold After Receiving Multiple Offers