University Park Apartments
225 E 700 N, Provo, UT 84606-1770, United States
Introduction
Investment Overview
University Park Apartments, located at 225 E. 700 N. in Provo, Utah, is one of Brigham Young University’s closest off-campus student housing properties. Located only 75 yards from the southern border of BYU’s campus, in the historic and student-dense Joaquin Neighborhood, University Park continuously enjoys full tenant occupancy due to its unbeatable next-door proximity to school grounds.
While University Park used to be part of the tightly restricted BYU contracted housing regulations, the university recently eliminated the need for students to live in contracted housing. University Park now benefits from a broader renter base while having fewer landlord compliance requirements.
This 2-story, all-brick property, built in 1971 and fully renovated in 2019, consists of 72 beds in twelve (12) 3x2 units. Additionally, connected to the building is a 2-story, reinforced concrete parking structure, which provides ample tenant parking.
Provo, Utah was named the #1 strongest economy in the nation and enjoys a robust rental housing market. With its location just steps away from incredible outdoor recreation, popular restaurants, and a wide variety of fun and enjoyable community locations and events, it has contributed to BYU becoming a destination for students from across the world. University Park has 100% occupancy, and the overall off-campus vacancy rate at BYU is 1.6%.
Property Overview
The Details
| Address | 225 East 700 North Provo, UT 84606 |
| Pricing | $5,900,000 |
| Cap Rate | 6.2% Pro Forma Beginning Fall 2024 Semester |
| Year Built | 1971 (Fully Renovated 2019) |
| Unit Count | 12 |
| Bedrooms | 36 |
| Beds | 72 |
| Furniture | Fully Furnished - Included in Sale |
| Floor Plans | 3 Bed x 2 Bath (2 Students Per Room) |
| Lot Size | 0.39 acres (16,988 Sq. Ft.) |
| APN | 050820007 |
| Parking | Surface Level: 20 Stalls Underground: 11 Stalls |
Amenities & Features
- Fully Furnished Throughout (Furniture Included in Sale)
- Large Wall-mounted TVs
- 1/2 Block to Campus
- Located directly on the new UVX bus route
- Large, Secured, Rentable Storage Rooms
- Free High-speed Internet (50 Mbps)
- Central Air Conditioning
- Gas Heat
- Two Refrigerators per Apartment
- Microwave Ovens and Dish Washers
- On-site Laundry Facilities
- Barbecue and Picnic Area
- Clean and Well-maintained Units
- Covered Parking
- Flat Fee for Utilities
Provo, UT
BYU Off-Campus Housing in Provo, UT
University Park Apartments is steps away from BYU. Since Fall 2022, a major change in BYU Off-Campus Housing regulations has been in effect. Previous rules had required all single undergraduate students enrolled at BYU to live in tightly restricted school-contracted housing, which limited students' approved options to a small geographic boundary and only certain highly-regulated properties within that boundary. These requirements were often a common source of complaints among both landlords and students due to the high bar for compliance.
However, BYU announced significant changes to its student housing program effective Fall Semester 2022 that have been a major benefit to University Park. With the new changes, all single undergraduate students are now permitted to live in any off-campus housing properties. These changes make University Park one of the highest quality affordable housing options for students, and one of the very closest to campus.
Additionally, University Park Apartments are near a UVX bus station, making it easy and convient to commute, explore the valley, and reach UTA's FrontRunner.
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