315,467 SFPrice Upon Req.
Auction.com and HFF are pleased to present Campus Court, a value-add, 372 unit / 647 bedroom, student housing community located in Lawrence, Kansas. The community serves the University of Kansas (KU), a Tier I University with nationally recognized academics and athletics, which had a 2013 enrollment of nearly 27,000 students. Built in 1986 and renovated in 2006, Campus Court offers KU students exceptional amenities, including a resort-style swimming pool, community center, fitness facility, tanning beds, basketball court , BBQ areas, and walking trails. Located just south of the KU campus on the university bus line, the community offers excellent proximity to campus and abundant retail options. While performance at the property has improved, there remain tremendous opportunities for a new investor to enhance NOI by stabilizing occupancy and increasing rental rates through property improvements.The property has been managed by a receiver since 2012 and was transferred to REO in January 2013. The special servicer and manager have taken strides to improve the property's reputation, address deferred maintenance issues, and reduce vacancy from over 35% to approximately 18%.
Converted home into a triplex. 3 bedroom, 1 bath on main level and 2 studios in the basement. Each addressed separately.
Bluejay Apartments is a 37-unit/52-bedroom multi-family development located in the City of Lawrence, home of the University of Kansas. The project consists of two 450-sf studio apartments, twenty 550-sf one-bedroom apartments, and fifteen 700-sf two bedroom apartments completed in 1964 and renovated extensively in 2014. The solidly constructed units feature granite countertops, new carpet and laminate, new refrigerators, microwaves, dishwashers, electric ranges, and double stainless steel sinks. Each unit is pre-wired for telephone, cable, and high speed Internet. Each unit also feature private balconies and patios. For the investor, the Bluejay Apartments offers a newly renovated multi-family development among significantly dated student housing complexes. Moreover, there is value-add potential through capitalizing on below market rental rates. Bluejay Apartments is currently 100% leased for the fall semester. Based on in-place rents for the current school year, the acquisition price represents a 7.50% cap.