Thesis Driven’s Buy Box series is for accredited & institutional investors. It highlights unique and innovative real estate projects seeking private investments.
Today’s Buy Box features ALUM, a new condo-hotel brand & operating platform with its first project at University of Alabama in Tuscaloosa.
Don’t miss Thesis Driven’s deep dive interview with the ALUM founders Thursday, August 28. Register here (for accredited & institutional investors only). Note: recordings will be shared with all who register.
Executive Summary
ALUM is building the first branded residence and private club platform for college towns.
The company’s flagship project in Tuscaloosa, Alabama—an $88 million development with 68 condo-hotel units, private members’ club, restaurant, pool, and event space—is designed to give alumni, parents, and fans a turnkey second home that doubles as an income-producing asset.
The core value proposition: “Use it when you’re in town, cash flow it when you’re not.”
The model adapts the branded residence playbook perfected by Aman, Ritz-Carlton, and Four Seasons, but layers in university affinity and alumni culture as the identity hook. Tuscaloosa is the archetype: 400,000 living alumni, 100,000+ visitors on football weekends, and a hospitality gap where demand far outstrips supply.
Beyond Alabama, ALUM has a ten-year roadmap for 25+ college markets, with early focus on Norman (Oklahoma), Lexington (Kentucky), and Eugene (Oregon)—markets with large, wealthy, and tribal fan bases.
The company is raising $15-20 million in equity:
$5 million for the OpCo – to build the brand, platform, and operating infrastructure.
$10-15 million for the Tuscaloosa project – to co-invest alongside condo buyers and development capital.
For investors, ALUM offers exposure to both a flagship project in a proven, high-demand market and a scalable platform targeting an untapped niche: alumni identity as a branded real estate product.
Market Opportunity
College towns are an underserved niche in branded real estate. Demand from alumni, parents, and fans is strong and predictable, but supply of premium lodging and second homes is limited.
The Tuscaloosa illustrates this gap:
400,000+ living Alabama alumni, many returning multiple times a year
100,000+ visitors on home game weekends, overwhelming hotels and Airbnbs
58% of undergrads are out-of-state, reflecting affluent families from the Northeast, California, and Texas
14.4% home price growth YoY (Dec 2024) amid limited transaction volume
Alumni and parents are already spending heavily on inconsistent short-term rentals or underutilized second homes. ALUM repackages that spend into a product combining ownership, identity, and yield.
And macro trends reinforce the thesis:
NIL dollars have redirected billions into college athletics, with donors seeking tangible ROI
Branded residences are growing globally at ~12% CAGR, projected to surpass 1,100 schemes and 200,000+ units by 2030 (Savills)
University fandom is generational, making demand durable and recurring.
Beyond Tuscaloosa, ALUM has identified 25+ expansion markets with similar conditions. Near-term targets include Norman (OU), Lexington (UK), and Eugene (Oregon)—each with wealthy alumni bases, tribal fan cultures, and limited premium lodging.
For investors, the upside is twofold: near-term condo absorption in Tuscaloosa, and platform scalability across dozens of copy-paste markets.
The Tuscaloosa Project
The first project is a few walkable blocks from Bryant-Denny Stadium and designed to be the social hub for Alabama alumni life.
Project Snapshot
Residences: 68 condo-hotel units (one-, two-, and three-bedroom layouts)
Clubhouse: Private members’ club with exclusive access for owners and members
Dining: All-day restaurant and bar, open to the public with reserved areas for members
Amenities: Outdoor pool, lounge, and event spaces programmed for gamedays and year-round use
Location: Walkable to both Bryant-Denny Stadium and downtown Tuscaloosa
The design reflects two overlapping needs:
Turnkey second-home ownership – Buyers use their units for football weekends, parents’ weekends, and alumni events, while enjoying the benefits of professional management when they’re away
Hospitality income generation – Units enter the condo-hotel pool when not occupied, producing rental income that offsets debt service and operating costs
The Tuscaloosa project is structured to return investor equity through a mix of condo sales and operating income. Buyers are attracted by both the math (units that can cover carrying costs and cash flow) and the identity value (belonging to a curated alumni community).
Investment Opportunity
Total Capital Required: $15-20 million ($5m OpCo + $10-15mm LP equity for Tuscaloosa project)
Raised to Date: Early commitments from strategic investors, including alumni advisors such as ESPN analyst and former Alabama QB Greg McElroy
Expected Additional Sources: Condo pre-sales and initiation fees from club memberships prior to opening
Valuation: Tuscaloosa project capitalization of $88 million; OpCo raise structured to support rollout of brand to 25+ markets
Target Close: Fall 2025, ahead of Tuscaloosa construction and sales launch
Strategy
Flagship Location: Operate in Tuscaloosa, AL real estate within walking distance of Bryant-Denny Stadium, combining residences, private club, and F&B into a first-of-its-kind branded hospitality product for alumni and parents.
Expansion Plan: Launch follow-on projects in Norman (University of Oklahoma), Lexington (University of Kentucky), and Eugene (University of Oregon). Each fits ALUM’s formula of large alumni bases, affluent donors/parents, tribal fan culture, and limited premium lodging. Long-term goal: build a network of 25+ ALUM locations nationwide.
Platform Differentiator: Unlike most real estate developers who sell and exit, ALUM will retain control of brand, club operations, and programming—creating recurring income streams and brand equity across projects.
Track Record of Founders
This is the first ALUM location, led by:
Paul Brenneke (Co-Founder, Sortis Capital). Veteran developer and investor with 25+ years of experience in mixed-use and hospitality real estate
David Vialli (Co-Founder). Hospitality executive with a career spanning EDITION and Standard Hotels, where he scaled experiential hotel and club concepts
Greg McElroy (Advisor/Investor). Former Alabama quarterback and current ESPN analyst, representing the alumni and sports culture at the core of ALUM’s identity
They are supported by a partner ecosystem including Legends (fan engagement and alumni relations), Kasa (condo-hotel operations), Harrison (design), and The Gray Group (Tuscaloosa market expertise).
Current Status
Site secured and design development underway for Tuscaloosa flagship
Pre-opening sales and marketing strategy in place; early buyer and investor interest strong
Execution partners assembled across design, development, operations, and branding
Capital raise in process to finalize funding of both the operating company and the Tuscaloosa project
Key Questions
We’ll cover the below questions and others as part of our live interview with the ALUM founders (Thursday, August 28, link below):
What is the long-term demand signal that gives confidence alumni will buy into this model across multiple markets?
How will the branded residence and club model adapt to different schools while preserving brand and operational consistency?
How should investors think about the balance between project-level economics and long-term platform value creation?
What role does NIL money and donor capital play in supporting demand for a branded real estate product like ALUM?
Next Step: Live Interview
A live interview with the ALUM founding team will be held Thursday, August 28th at 3pm ET to dissect the business plan, walk through the Tuscaloosa flagship, and address investor questions.
To RSVP, sign up here (note you must be an accredited investor). Note: recordings will be shared with all who register.