— In-Demand Differentiated Product
The Outpost is comprised of two- and three-bedroom townhomes, and two- to five-bedroom cottages. Currently, The Outpost is one of only two properties in the market to offer cottage style housing, a unique product type that is highly demanded by students due to their expansive green spaces for outdoor actives, upscale amenity package, security and privacy, and community. The demand for this type of product is reflected by The Outpost’s historically high occupancy levels, having averaged 98.0% from Fall 2019 to Fall 2024.

— Largest Floor Plans & Extra Half Bathroom
The property features the largest two- and three-bedroom townhomes and two- to five-bedroom cottages in the market, with all units offering a large downstairs storage area, in-unit washer and dryer, a private patio or balcony, and 100% bed-bath parity with an additional half bath.

— Strong Market Fundamentals
The Colorado State University market currently has 16 off-campus properties tracked by Axiometrics that reported a weighted average occupancy of 96.3% in AY 22-23 and 98.4% in AY 23-24. In addition, the CSU student housing purpose-built market has seen average rent growth of 6.7% compared to the same period last year and currently has no product under construction given the high barriers to entry for new product.

— University Growth
Prior to the pandemic, Colorado State University averaged 1.6% annual enrollment growth (Fall 2015 – Fall 2019). Following a (4.0)% drop in enrollment in 2020, CSU has recovered to pre-pandemic enrollment levels, with Fall 2023 total enrollment of 33,553 students. In 2022, the school announced they would no longer require SAT or ACT test scores, increasing applications by ~2,700 or 9% from the prior academic year. CSU recently announced the construction of a $150M laser facility through a public-private partnership set to be completed in 2026, which will be one of the most advanced in the world. Additionally, beginning 7/1/26 CSU will be joining the PAC-12 athletic conference as a full member.

— Value-Add Opportunity​​​​​​​
​​​​​​​The Outpost was originally constructed in 2014 and while demand is high for the unit’s current finishes, evident in its 100% lease-up and 9.0%+ rent growth achieved for AY 24-25, the opportunity also exists for additional upgrades in the future. Scope of work will likely consist of converting appliances to stainless steel, switching to LVP flooring in living areas and halls, as well as updating various fixtures throughout units to further increase rents. There also remains an opportunity to fully furnish all units, with ~72% of the beds currently rented with furniture and achieving a 5%+ rental rate premium.