How you make money
Cash flow
In-place cash flow from a fully leased portfolio
The portfolio is 100% occupied through July 2026 and projected 100% leased at closing for the 2026 academic year. Distributions run pro rata to an 8% preferred return, with average cash on cash of 12.52% over the hold.
12.52%
Annual cash yield
Annual
Distributions
12 mo
First distribution
Equity growth
Operational efficiencies and rent growth drive the exit
GSR management is expected to trim over $400,000 in annual expenses and add 3-5% rent growth on top of organic growth. A year-4 refinance and a year-9 sale target a 2.52x equity multiple.
2.52x
Equity multiple
15.75%
Projected IRR
9 years
Hold period
Sale
Exit strategy
How the deal works
Academy Campustown is a four-building, 398-bed Class A student housing portfolio built 2012-2016, serving the University of Illinois at Urbana-Champaign. It has leased to 99%+ occupancy every year and posted 8-9% rent growth in recent academic years. Green Street Realty, the largest off-campus manager in the market and a JDP affiliate, takes over management and expects immediate expense savings above $400,000 plus additional rent upside from its lease structure.
UIUC enrollment hit a record 60,848 with 83,045 applications
Fall 2025 enrollment eclipsed 60,000 for the first time, with record freshman enrollment of 9,207. Enrollment has grown by more than 15,000 students since 2015, over 25%. This demand, paired with limited near-term supply, supports a runway for above-average rent growth.
The market's largest operator can cut $400K in costs day one
Green Street Realty manages 5,500+ beds across 100+ properties in Champaign-Urbana, a 20%+ market share, from a centralized Campustown leasing office. Bringing the portfolio onto GSR's platform is expected to trim over $400,000 in annual expenses versus current ownership.
Enter a fully leased asset, refinance in year 4, sell in year 9
The portfolio is 100% occupied through July 2026 and projected 100% leased at closing for 2027. A cash-neutral agency refinance is contemplated in year 4, with a year-9 sale at a 6.25% cap rate driving a projected $51.8M sale price.
About the sponsor
3,719
Units owned
$743MM
Market capitalization
~$1.25B
Portfolio valuation
6
Projects under construction
A fully integrated multifamily and student housing investment and development company focused on high-quality assets across the Midwest and Mountain West, with a current property valuation near $1.25 billion.
JDP and Green Street Realty own over 900 beds together at UIUC; GSR manages 5,500+ beds across 100+ properties in Champaign-Urbana.
Ryan Tobias
Managing Partner
Oversees acquisitions, site selection, fundraising, and investor relations. 15 years experience, over $1 billion in transactional real estate. Developed or acquired over $750 million in student housing and multifamily.
Chris Saunders
Managing Partner
Guides JDP's strategic growth and overall direction. 18 years experience, over $750 million of real estate acquired and developed. Owns Green Street Realty, acquired in 2005.
What you should know
What are the risks?
- Projections were prepared by management and are subject to economic and competitive uncertainties; actual results may vary materially.
- Returns depend on a contemplated year-4 refinance at assumed terms that may not be available.
- Student housing demand is tied to sustained UIUC enrollment strength.
- The exit assumes a sale at a 6.25% cap rate, which is sensitive to future market conditions.
How is the property managed?
Green Street Realty, a JDP affiliate owned by managing partner Chris Saunders since 2005, manages day-to-day operations from a staffed centralized office on Green Street. GSR manages 5,500+ beds at UIUC and has held 99%+ occupancy for the past five years.
How is the acquisition financed?
The deal assumes an in-place Fannie Mae loan of $32.2M at 74.7% LTV, a 3.90% rate, maturing June 2029. A cash-neutral agency refinance is contemplated in year 4 at roughly 62.5% LTV and a 5.50-5.75% rate.
How do distributions work?
Cash flow is distributed pro rata to an 8% preferred return, then 80/20 above an 8% IRR. Equity is contributed 95% LP / 5% GP, with the sponsor committing 5% of total project equity.
