Iconic enters the University of
Texas-Arlington off campus housing scene, buying the market's best
located asset.
Iconic Development, LLC ("Iconic") is pleased to announce the
acquisition of a 70 unit student housing asset located one inch from
the University of Texas-Arlington campus. This marks the fifth
University market Iconic has entered, accretively adding to
the 97% occupied portfolio of assets Iconic owns serving the
University of North Texas, Boise State, Virginia Tech and Texas
State off campus student markets. The addition brings Iconic's Texas
student housing portfolio to ten assets, which feature 95-99.9% of
submarket competitors farther from campus than Iconic's locations.
The acquisition increases the Iconic Development portfolio to over
2,000 units. An "Iconic" rebranding of the asset is planned to begin
in the summer of 2012, as leases turn over. The business plan
features Iconic's propriety green revitalization plan that has been
completed on over 800 units.
The acquisition featured 100% occupancy at closing and a cap rate
north of 9% on in place operations. Iconic expects to deliver
cash-on-cash dividends to investors exceeding 10% throughout the
planned four year hold period.
