Pebb Capital Sells Kansas Student Housing Property
- Oct 18, 2019
Pebb Capital has sold The Rockland, a 372-unit student housing community in Lawrence, Kan. Berkadia represented both the seller and the buyer, NB Private Capita,l in the transaction. Morrison LLP served as counsel for Pebb Capital in the sale. Kevin Larimer and Greg Gonzalez of Berkadia’s Student Housing team facilitated the sale. Pebb Capital acquired the asset back in 2014 for $16 million.
Located at 1301 W. 24th St., on approximately 17.7 acres, the 15 three-story buildings include 347 beds and feature a mix of one- and two-bedroom units ranging from 696 to 896 square feet. The Rockland serves students attending the University of Kansas, situated about a half-a-mile away. Additionally, various employers such as Target, Starbucks, CVS, Aldi, Kohl’s, T.J. Maxx and Ross Dress for Less are nearby. In-unit amenities include a fully equipped kitchen, customizable furniture packages, wood flooring, full-size washers and dryers and valet trash service.
After purchasing the asset, Pebb Capital made extensive renovations to the community by upgrading the property’s amenities, including adding a clubhouse, outdoor recreational space, updating the swimming pool and hot tub, a new 24-hour business center and fitness center, common room with gaming station and pool table, complementary tanning facilities, outdoor barbecue area, coffee bar, indoor and outdoor basketball courts, as well as a dog park and playground.
Pebb Capital has acquired more than 5,500 student housing beds, exceeding $300 million in transaction volume spread across 12 universities in five states.