55 and 65 Morrell St. in New Brunswick — Courtesy: JLL
By Joshua Burd
The owner of a two-building, 126-bed student housing portfolio near Rutgers University in New Brunswick has hired JLL to market the properties for sale.
According to the listing team, the offering at 55 and 65 Morrell St. includes a combined 63 units that are fully leased for the upcoming academic year. The brokers noted that the buildings, which opened in 2014 and 2016, respectively, are steps from Rutgers’ College Avenue campus and have features such as secure keyless building entry, a furnished common lounge, on-site laundry, gated covered parking and dedicated maintenance support.
Residents are also within walking distance of the Rutgers Student Center and other facilities, as well as major campus bus lines and the Easton Avenue restaurant and retail district.
“Rutgers University continues to experience steady enrollment growth, with first-year enrollment at the New Brunswick campus increasing by nearly 10 percent over the past year,” JLL wrote in its marketing materials. “The surrounding New Brunswick area also benefits from a dense and growing population of over 60,000 residents, strong transit connectivity and a dynamic mix of institutional, medical and educational employment drivers.”
JLL’s Mike Oliver, Ryan Robertson, Austin Pierce, Steve Simonelli, Jose Cruz and Elizabeth DeVesty are leading the offering with support from Scott Clifton of the firm’s student housing team and financing brokers Max Custer and Gerard Quinn. They noted that the buildings, a collection of private two-bedroom apartments with an average unit size of 560 square feet, have “proven performance and minimal capital needs.”
