https://www.colliers.com/p-usa1119334
- For sale
*Available for individual sale, part of a three-property Kent State portfolio available in the auction event starting on March 20.
548 E Summit Street is a 43-unit / 77-bed student housing community in Kent, OH. Known as The Genesis Kent II, the property features Studio, One-, Two-, and Three-Bedroom configurations with full-size kitchens, faux wood flooring (select units), balconies, and laundry rooms located on each floor. The property features 52 surface spaces for $25/month, controlled entry access, and a lobby area with the ability to add a leasing center. Over the prior 12 months, Genesis Kent II has undergone over $330,000 in renovations, including new service panels in units, building main service gear, upgraded façade, interior hallway upgrades including paint and new flooring, new elevator hydraulics, and paving/sealing of the parking lot.
The Genesis Kent II currently operates as a thriving, tight-knit student community steps from Kent State University near the main KSU business building and a short walk from dining and shopping options downtown. Kent State University has the third-largest student body in Ohio, with a total enrollment of 25,584 students. Kent State University has an on-campus housing capacity of about 5,800 beds, leaving nearly 20,000 students searching for housing off-campus in a market with fewer than 4,800 dedicated student housing beds. Kent State employs about 5,000 employees and is ranked third on America’s Best-In-State Employers 2022 list.
The multi-family market in Kent is equally as strong as the student housing market, with an average market rate occupancy of 99.42% and average rent PSF of $1.77 among the competitive set. Genesis Kent II features a favorable multi-family unit mix with 2.3% Studio, 37.2% one-bedroom, 41.9% two-bedroom, and 18.6% three-bedroom units. With a central location a short 3-minute walk from downtown, Genesis Kent II is surrounded by multi-family and student housing communities making an easy conversion to market-rate housing with minimal managerial and physical changes. Since October 2021, Kent has experienced a 10% increase in rental rates and has no supply planned within 3 miles of the community. Kent is a great location for young adults and experienced professionals. Over 60% of residents living within a two-mile radius of the property rely on rental properties as their residence. The population within five miles of the property is 77,815, with an additional daytime population of 34,871. The median household income is $51,151, with a consumer spending of over $130 million on housing within five miles of the property.