JLL Capital Markets announced that it handled the sale of Naismith Hall, a student housing dorm-style community totaling 504 beds, located on campus at the University of Kansas in Lawrence, Kansas.
JLL represented the seller, Bromley Companies LLC, in completing the sale to an undisclosed buyer.
Naismith Hall sits on 2.84 acres, totaling 120,000 square feet and was originally built in 1965, with the most recent renovations completed in 2013. The student housing also features community amenities, including a 24-hour fitness center, swimming pool with sun deck, renovated lounge with games, 24-hour computer lab with printing available, free on-site tutoring, community kitchen, on-site laundry, on-site parking and food service at Naismith Hall Café. New ownership also plans to execute a significant renovation program and modernize the student housing asset to premium standards.
Located at 1800 Naismith Dr., the property is adjacent to the university, providing unparalleled housing opportunities for students wanting to be just steps away from campus. Students have accessibility across all of campus with a dedicated bus stop directly in front of Naismith Hall.
Expected growth plans are sparking the demand for student housing near the campus, with enrollment over 27,500 students. Additionally, the university is recognized as an R-1 Doctoral Research University, with a strong public research authority, and its NCAA Division I athletics within the Big 12 Conference is prominently known, providing ample investment opportunity with a tier one asset for the buyer.
The JLL Capital Markets team representing the seller was led by Senior Directors Scott Clifton, Stewart Hayes, Teddy Leatherman and Executive Vice President Jim Gates.
“Naismith Hall provides great investment opportunity for the buyer, being prominently positioned within steps from the renowned University of Kansas,” says Clifton. “Additionally, the property has various paths to outsized returns for new ownership, given the promising increased demand for on-campus student housing in the near future.”
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.