Renowned Flagship Public University
• Top-Ranked Institution – UVA is ranked the #4 Best Public University and #24 National University by U.S. News & World Report (2025).
• Robust Enrollment – Fall 2024 enrollment is over 26,400 students representing a 5.8% increase over the 5-year period since Fall 2019.
• Elite Admissions Profile – While applications to UVA have jumped 44% since Fall 2019, the University has continued to maintain a low 17% acceptance rate, making it one of the most prestigious and selective flagship 4-year public universities in the country.
• Nationally Ranked Academic Programs – UVA has a nationally ranked law school (#4) and business school (Darden – #11), which are located directly adjacent to Pavilion at North Grounds.
Multiple Paths to Value Creation
• Immediate NOI Upside – Approximately 18,171 SF of commercial space available for lease at market rents, offering near-term income growth.
• Scalable Redevelopment Plan – A preliminary study supports feasibility of a 13-story, 254-unit | 497-bed PBSH tower with 14,000 SF of amenity space.
• By Right In-Place Zoning – Zoned NX-10 (Mixed Use B), allowing proposed density by right, eliminating entitlement risk.
Pedestrian Location Adjacent to Darden School of Business and UVA Law School
• Proximity to Academics & Athletics – Pavilion is the only property that uniquely serves the ~2,300 graduate students at Darden and UVA Law, in addition to UVA undergraduates. This additional increase in demand creates a strong base of occupancy for the property and enables it to outperform the broader UVA market and drive outsized rent growth. It also insulates the property from any new supply planned which is primarily located south of the football stadium.
• Adjacent to Campus Core – Strategically located just steps from UVA’s northern boundary, ensuring seamless pedestrian access.
• Walkable Retail & Dining – Surrounded by high-traffic retail and dining options including Starbucks, Ralph Sampson’s American Taproom, Kroger, Chick-fil-A, Chipotle, and McDonald’s.
Top Tier Living Amenities
• Robust Amenity Package – Includes a resort-style swimming pool, business center, study and conference rooms, game lounge, outdoor fire pit, BBQ stations, coffee bar, bike storage, and covered parking.
• Modern Unit Features – Apartments offer private bathrooms, in-unit washers and dryers, stainless steel appliances, 9-foot ceilings, and hardwood-style flooring.
Strong Market Fundamentals & Strong Rent Growth and Occupancy Performance
• Sustained Rent Growth –The Pavilion at North Grounds has consistently averaged ~99% occupancy since AY 20-21 and is currently 84% preleased for AY 25-26. This stable occupancy has supported robust rent growth, with rates increasing 37% since AY 20-21, including a projected 5.8% YOY increase for AY 25-26.
• Strong Market Leasing Velocity – Charlottesville’s student housing market remains highly competitive, with comparable properties averaging 99% occupancy 80%+ preleasing as of early May 2025.
