CBRE ARRANGES SALE OF ORCHARD CORNERS STUDENT HOUSING PROPERTY IN LAWRENCE, KANSAS
2020 11월 09
Lawrence, KS – November 9, 2020 – CBRE has arranged the sale of Orchard Corners, a 64-unit, 189-bed, student housing multifamily property in Lawrence, Kansas. A private seller sold the asset to an undisclosed buyer from Utah. A sale price was not disclosed.
CBRE’s Kansas City multifamily team of Max Helgeson, Michael Spero, and Jeff Stingley represented the seller in the transaction.
Constructed in 1987, Orchard Corners is ideally located approximately 1.5 miles west of The University of Kansas main campus and approximately 4 miles south of I-70, which provides convenient access to both downtown Kanas City, Missouri, and Topeka, Kansas. Property highlights include a swimming pool, gym, on-site laundry, and convenient access to two KU bus stops. At closing, the property was 99 percent occupied.
“Given the uncertainty of whether or not universities would reduce on-campus student housing, off-campus student housing communities like Orchard Corners have benefited tremendously. Orchard Corners features close proximity to the university and an alternative price point to newer developments around town,” said Helgeson. “The location was a major factor and significantly drove investor interest to the property.”
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.