— Favorable Location Nestled Between NAU and Downtown
The Jack is adjacent to Northern Arizona’s University’s northern border in Flagstaff, AZ. Surrounded by one the largest pine forests on Earth in the Arizona Mountains, students enjoy a scenic living experience proximate to campus and the restaurant, retail, and nightlife amenities of Downtown Flagstaff. These include student favorites such as the 1899 Bar and Grill, Fratelli Pizza, Macy’s Coffee House, Matador Coffee Roasting Co, and convenient access to Lumberjack Stadium and Cline Library.

— Strong Fundamentals and Competitive Amenities
The Property averaged 97.6% occupancy for the last three years and is 87% preleased, generating over 6% rent growth for AY 24-25. The Jack has been one of the market’s best-performing assets, offering a comprehensive amenity package guaranteed to encourage students to socialize and succeed while attending the University. The Property will continue to attract a wide audience due to the variety of fully furnished unit types on offer, which include studio through five-bedroom options. The apartments feature private bedrooms, high-speed internet, full-size washer and dryer, fully equipped kitchens, and ceiling fans. Community amenities at The Jack include a resort-style pool, multi-level hot tub, gaming lounge, outdoor grilling stations, 24-hour state-of-the-art fitness center, yoga and cycling studio, 24-hour clubhouse, private study lounges, and covered parking.

— Arizona Property Tax Cap
The increase in property tax assessments in Arizona is limited to 5% per year, ensuring stability and predictability for the single largest expense item, even amidst a recently inflationary environment.

— Stable Enrollment with Supporting Growth Initiatives
Northern Arizona University enrolled 28,194 students and welcomed a record 7,670 freshmen for Fall 2023. This mark was accomplished while maintaining high academic standards, with this first-year cohort also setting a record for the highest average class GPA. Along with near-record applications, the recent enrollment growth has been partially fueled by the start of the University’s Access2Excellence tuition program, which ensures full tuition coverage for students meeting specific family income requirements – helping to ensure future demand for purpose-built student housing. The University has also enacted initiatives to increase first-year retention targets from 76% to 80% over the next three years and to 86% within six years.