University Partners Acquired the Student Housing Community Near the University of Kansas
Travis Prince and Victoria Marks of Cushman & Wakefield’s Student Housing Capital Markets Team in Tampa, along with Gib Kerr and Jeffrey Bentz of Cushman & Wakefield’s Capital Markets Group in Kansas City, represented the seller in the disposition. University Partners was the buyer.
The Connection at Lawrence was developed in 2010 and comprises 14 three-story buildings. The community features one-, two-, three- and four-bedroom units with an average size of 1,182 square feet. The property was 97.3% leased for the 2018-19 academic year.
Units at The Connection at Lawrence are fully furnished with custom, designer furniture and include individual bathrooms, energy-efficient kitchen appliances, covered patios/balconies, full-size washers and dryers, energy-efficient heating and air conditioning and large walk-in closets. Select units offer ceramic tile entries and upgraded hardwood flooring in common areas.
Community amenities include a 24-hour fitness center, premium charcoal grills, lighted basketball and sand volleyball courts, a tanning bed, two resort-style swimming pools, a heated spa, a game room, a computer lounge, a clubhouse, private study rooms, an outdoor fireplace and cabana and a private shuttle to the University of Kansas campus.
The Connection at Lawrence is located on a ±17.55-acre site at 3100 Ousdahl Road in Lawrence, just south of The University of Kansas campus.
From 2016 to 2018, renovations and modernizations were made to a swimming pool and pool deck, basketball and volleyball courts, landscaping, exterior paint, leasing office, fitness center, clubhouse, carports, grilling station and LED light installation. Interior upgrades included vinyl plank hardwood flooring and modern furniture.
“The Connection at Lawrence offered investors a proven value-add opportunity in a Tier 1, Power 5 university market, allowing for immediate returns upon further capital deployment,” said Prince.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.