Brookside Apartments

About Brookside Apartments

STRONG WORKFORCE HOUSING WITH EXCELLENT OCCUPANCY HISTORY

• Great mix of unit sizes for optionality.
• Only roughly 20% of the tenancy is student with the remaining tenants working in various employment sectors including medical, university, retail and manufacturing.
• The property has averaged over 95% occupancy over the last decade and is currently 96%.

ROBUST RURAL MARKET WITH DEPENDENT ECONOMIC DRIVERS

• Southern Illinois University (SIU), a five-minute drive from the property, is the largest university in the lower half of Illinois. SIU enrolls 12,066 students, holds a Carnegie R1 Research, and generates a $2.7 billion annual economic impact on the region
• Carbondale is the top employment hub of southern Illinois, with major employers including SIU, Southern Illinois Healthcare and Aisin nearby
• The multifamily market has been supply-constrained for more than 25 years, with only 382 units delivered since 2000. The market has benefited from the lack of supply in recent years as the local economy has grown, with rents up 3.6% YTD and occupancy 270 bps above the three-year average.

WELL-POSITIONED TO OUTPERFORM THE MARKET

• Brookside pairs convenient access to campus and local amenities with a quiet, residential setting. Located less than two miles from SIU, the property is well suited to graduate students and university employees seeking a more mature environment. It is important to note that Brookside is not a “student” deal making up less than 20% of the tenant base. It is much more workforce housing for the local economy
• Brookside has consistently performed among the stronger multifamily properties in the Carbondale market. Occupancy has held above 94% since the beginning of 2024, while concessions and bad debt have remained modest.
• A new owner can expect immediate revenue growth in year one from the recently implemented RUBS program. As of October 1, 2026, about 92% of residents are paying monthly RUB fees, which has lifted other income 58% from the T-12 to the T-1.

• The units at brookside have never undergone programmatic renovations. The current owner has upgraded units on an as-needed basis. A new owner can capture meaningful rent upside by completing consistent renovations across all units.
• There has been a handful of 3 bed / 1 bath units converted to 2 bed / 2 bath units. The converted units have achieved greater rents than the three bed units. A new owner has the opportunity to extend the program across the remaining three bed units.
• Investing capital in unit interiors and community areas allows a new owner to capitalize on the shortage of upscale apartments in Carbondale. Communities built since 2000 are 97% occupied with 3.9% rent growth year to date, indicating that renters will pay a premium for higher-quality product in an aging rental market.