JLL Capital Markets announced that it is managing the sale of Naismith Hall, a dormitory-style student housing community totaling 504 beds, located on the University of Kansas campus in Lawrence, Kansas.
JLL represented the seller, Bromley Companies LLC, in closing the sale to an undisclosed buyer.
Naismith Hall spans 2.84 acres, totaling 120,000 square feet and was originally built in 1965, with the most recent renovations completed in 2013. Student housing also has community amenities including a center 24 hour fitness center, swimming pool with solarium, renovated lounge with games, 24 hour computer lab with printing available, free onsite tutoring, community kitchen, onsite laundry room, onsite parking and catering at the Naismith Hall CafÃ©. The new owner also plans to execute a major renovation program and upgrade the student housing asset to high quality standards.
Located at 1800 Naismith Dr., the facility is adjacent to the university, providing unparalleled accommodation options for students wishing to be within walking distance of campus. Students have access to the entire campus with a dedicated bus stop directly in front of Naismith Hall.
Expected growth plans are driving demand for student accommodation close to campus, with more than 27,500 students enrolled. In addition, the university is recognized as an R-1 doctoral research university, with a strong public research authority, and its NCAA Division I sports in the Big 12 Conference are well known, providing many opportunities for research. investment with a level one asset for the buyer.
The JLL Capital Markets team representing the seller was led by Senior Managers Scott Clifton, Stewart Hayes, Teddy Leatherman and Executive Vice President Jim Gates.
âNaismith Hall offers an excellent investment opportunity for the buyer, being well placed within walking distance of the famous University of Kansas,â says Clifton. âAdditionally, property has various routes to disproportionate returns for a new property, given the promising growing demand for student housing on campus in the near future. “
JLL Capital Markets is a global full service provider of capital solutions for real estate investors and occupiers. The company’s in-depth knowledge of the local market and global investors provides the best solutions for clients, whether it is investment advice, debt placement, equity placement or recapitalization. The company has more than 3,700 capital markets specialists around the world with offices in nearly 50 countries.