University of Kansas student housing community sells
JLL Capital Markets facilitates the sale of Reserve on West 31st, a 720-bed property in Lawrence, Kansas
DALLAS, June 20, 2024 – JLL Capital Markets announced today the sale of Reserve on West 31st, a 192-unit / 720-bed student housing community at The University of Kansas (“KU”) in Lawrence, Kansas.
The seller was undisclosed, and The Tailwind Group acquired the asset.
Originally built in 1999, residents enjoy access to a wide range of amenities, including on-site maintenance, a computer lab, study lounge, resident clubhouse, dog park, 24-hour fitness center, resort-style pool and hot tub with grilling area, outdoor basketball court, sand volleyball court and complimentary WiFi in common areas. Additionally, the current ownership has recently undertaken significant upgrades to enhance the units and common areas, such as renovations to add granite countertops and backsplashes, new wood kitchen cabinetry, modernized furniture, luxury vinyl flooring and upgraded interior lighting.
Located at 2511 W. 31st in Lawrence, Kansas, Reserve on West 31st is situated steps away from the Lawrence Transit / KU Bus Line, offering residents convenient access to both the campus and downtown Lawrence, all within a 10-minute commute. The 5th largest town in Kansas, Lawrence is a quintessential college town, home to the University of Kansas and approximately 120,771 residents.
JLL’s Investment Sales and Advisory team represented the seller and was led by Managing Directors Teddy Leatherman and Scott Clifton along with Director Kevin Kazlow.
"We are delighted to have facilitated the successful sale of Reserve on 31st at the University of Kansas," said Leatherman. "This transaction reflects the strong demand for value-add opportunities in growth markets."
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 108,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Tailwind Group
Over the last fifteen years, Tailwind Group has earned a stellar reputation for pioneering new standards in purpose-built student housing—and for meeting or exceeding investor returns on all legacy properties. Today, Tailwind Group and its entities provide asset management services for more than 30 properties across the United States, generating annual revenues in excess of $70 million. With more than $850 million in assets under management and a solid track record of successful projects, Tailwind Group is recognized as a national provider of real estate investment opportunities.