The Fields is situated on over 52 acres and enjoys a density of only 5.44 units per acre. The abundance of greenspace has helped the property earn a solid reputation as a quiet, comfortable community which is reflected by its annual average occupancy above 97% and historical renewal average of 50%
In 2016 and 2017, the property received a capital infusion of $3.5 million to modernize amenities and unit interiors. Amenity upgrades included remodeling of the clubhouse, new fitness equipment, pool upgrades including deck area, grills, hammocks, furniture and pergola, just to name a few. Unit upgrades included new countertops, lighting, appliances, and washer/dryers.
The property has a sponsorship relationship with a student organization that has resulted in an extremely affluent resident base, as evidenced by the high-end luxury vehicles throughout the community. These students prefer The Fields location due to its close proximity to the IU Smith Research Center, Cyber Infrastructure Center and College Mall.
The asset was over 95% preleased as of July 1st with anticipated occupancy for Fall 2019 of 98%.
Indiana University 2018 enrollment was 43,503 students and is widely recognized as a top university. Bloomington was ranked the #6 best college town and its Business College was ranked as a Top 5 undergraduate business program by Bloomberg.
Bloomington has been very challenging to receive approval for new student housing development. Their unwillingness to provide zoning variance for student housing has resulted in only 1,717 new beds being added to the market since 2014, with a large portion of these beds being replacements of antiquated housing. This lack of net addition of new student housing beds has resulted in some of the strongest student housing market fundamentals in the entire nation.
There are no new student housing deliveries in the market for Fall 2019 or Fall 2020.
With only 5.44 units per acre, there is space to build additional units which would conform to current zoning requirements. There also exists significant green space that could be better utilized to improve the resident experience.
The current ownership conducted an initial upgrade of the units, but additional rental gains could be achieved by upgrading flooring and furniture packages.
The high historical occupancy at the asset and rental rates on the lower end of the market leaves room for strong rent growth without expending additional capital to achieve these results.
The Fields is a 285-unit, 537-bed, student housing apartment community built in 1997 and located in the city of Bloomington, Indiana within close proximity of the Indiana University Bloomington campus. Situated on over 50 acres, The Fields gives residents the true feel of the Midwest while offering the amenities and experience of living in one of the top college towns in the country.
The spacious floor plans are available in a wide variety of options and offer the most sought-after amenities. Floor plans include 72 one-bed / one-bath units from 712 to 750 square feet; 175 two-bed / two-bath units between 1,100 and 1,850 square feet; 37 three-bed / two-bath units from 1,470 to 1,851 square feet; and one four-bed / three-bath unit at 2,350 square feet. Spread across 35 buildings, The Fields features picturesque views of the surrounding gently rolling pastureland, lily ponds, a spring fed stream, and wooded hillside.
The Fields is located minutes from the best of Bloomington’s vibrant dining, shopping, and entertainment centers. Residents will find everything they need to enhance the university experience in the heart of Big 10 country.
*In Select Units