The Varsity is a Standout Investment for those Seeking Stability and Growth in a High-Barrier, Pedestrian-to-Campus Location The Varsity presents a rare opportunity to acquire a stabilized, institutionally-managed student housing asset just steps from the University of Delaware campus in Newark, Delaware. With 72 units and 96 beds, the Property’s balanced mix of studios, one- and two-bedroom units appeals to a broad student base. The Property is currently 100% pre-leased for the upcoming year, showing strong leasing momentum. An assumable loan at a fixed 3.74% interest rate, maturing May 1, 2031, offers immediate debt cost advantages, enhancing cash-on-cash returns in today’s elevated-rate climate. This financing edge positions new ownership for superior yield from day one. In 2015, ownership gut-renovated the Property. New roofs, windows, exteriors, and upgrades to the interior units were completed. The Varsity’s value-add potential further elevates its appeal with strategic upgrades such as new stainless steel appliances, quartz countertops, and modern lighting. These improvements align with UD’s demand for top-tier housing, strengthening the Property’s edge over dated competitors. The Varsity has posted its 14th year in a row since its acquisition that the Property has been 100% pre-leased, and there has never been a vacancy. Further, the 14th year of sustained rent increases. The ownership’s furniture pilot program is available in 10% of the units at $100 per unit per month. This program can be completed by the new owner, who could add ±$1 million in value if every unit is furnished. Located one block from the University of Delaware campus, The Varsity benefits from unparalleled walkability to UD’s academic core and Newark’s bustling Main Street, home to shops, eateries, and nightlife. With zoning barriers stifling new development and UD’s enrollment growth outpacing supply, The Varsity is poised for durable rent appreciation and sustained demand. This offering combines in-place cash flow, financing upside, and achievable value-add strategies in one of Mid-Atlantic’s most resilient student housing markets.