Location: Auburn, Alabama
University: Auburn University
The Beacon is a 576-bed, purpose-built student housing property serving Auburn University. Campus Advantage acquired the property in 2015 as a value-add acquisition. The property had historically reached budgeted occupancy; however, Campus Advantage devised a strategic capital plan to achieve higher rent growth and improve the resident experience through property renovations.
The plan focused on updating the unit interiors and the common area amenities. Common area upgrades took place over the course of seven months and were completed in 2016. Following these strategic upgrades, The Beacon saw a 3% rent growth from 2016 to 2017 and from 2017 to 2018. The property has maintained an average occupancy of 97%, exceeding budgeted occupancy in 2016, 2017, and 2018, and has also upheld a 52% resident retention rate year over year.