305 Flats

Student-Focused Unit Mix: The all-studio configuration is well-aligned with UT’s structurally undersupplied student housing demand. Stabilized rents of approximately $1,400 per unit support a projected cap rate exceeding 5.5% on a fully loaded renovation budget, offering compelling yield relative to risk.
Embedded Utility Upside: Existing infrastructure supports immediate implementation of a RUBS or submetering program. This enables utility expense recapture at lease-up with minimal additional capital investment, enhancing NOI with limited execution risk.
Lease-Up Opportunity: The high vacancy allows for a clean-slate repositioning with no tenant displacement, enabling a window for an efficient lease-up without operational friction, or an opportunity to implement alternative business plans.
Infill Density & Redevelopment Optionality: Situated on a ±0.48-acre site with approximately 178 units per acre, the property benefits from high-density zoning in a walkable, infill location. This creates dual-path optionality as either a stabilized cash-flowing asset or a future redevelopment opportunity as the North Campus corridor continues to densify.
Durable Demand Drivers: Proximity to Central Market, Guadalupe Street retail, and the University of Texas—serving a student population of 53,000—anchors long-term demand. These fundamentals provide resilience through market cycles and support sustained occupancy and rent growth over time.

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