Tailwind Buys 720-Bed Student Community in Kansas

The Arizona State Retirement System previously owned the asset.

The community at 2511 W. 31st St. in Lawrence, Kan.
Reserve on West 31st features a swimming pool and spa, fitness center, computer lab and community room. Image courtesy of JLL

The Tailwind Group has acquired Reserve on West 31st, a 192-unit, 720-bed student housing community in Lawrence, Kan. Arizona State Retirement System previously owned the asset serving the University of Kansas, according to Yardi Matrix information.

The buyer also took out an $11.6 million acquisition loan originated by Old National Bank, according to public records. JLL brokered the deal on behalf of the seller.

ASRS intends to divest or restructure approximately $4.1 billion in real estate investments over the next two years, IPE Real Assets reports. Earlier this year, the entity sold 100 Midtown, a 330-bed student community in Atlanta, for $36.8 million.

READ ALSO: When Student Housing Demand Grows, Unconventional Solutions Arise

Completed in 1999, Reserve on West 31st encompasses 13 three-story buildings spread across more than 16 acres. The unit mix consists of three- and four-bedroom layouts ranging between 988 and 1,320 square feet. The fully furnished apartments also have washers, dryers and private balconies or patios.

The current owner recently made substantial improvements to the units and common areas, which include installing granite countertops and backsplashes and updating the furniture.

Common-area amenities include a fitness center, a clubhouse, a community room and a business center, together with volleyball and basketball courts. Additionally, the community features a swimming pool, spa, computer lab, picnic area and tv lounge with pool table.

The property is at 2511 W. 31st St., close to the Pine Ridge Plaza shopping center and less than 2 miles from the University of Kansas’ campus. Downtown Lawrence is 5 miles away and the David Booth Kansas Memorial Stadium is within 4 miles.

JLL Managing Directors Leatherman and Scott Clifton, along with Director Kevin Kazlow, led the team that brokered the deal on behalf of the seller.

Tailwind’s recent student housing acquisitions

The Tailwind Group’s student housing portfolio currently comprises 34 assets totaling around 15,000 bedrooms. These communities serve 18 universities across 15 states.

Tailwind’s first purchase of the year also marked its entrance in the St. Louis market. The firm acquired 3949 Apartments, a 256-bed student housing property completed in 2013, from Greystar.

One of Tailwind’s last year acquisitions involved two Kansas communities totaling 959 beds. One of them is Legends Place Apartments, a 200-unit property serving the same university as Reserve on West 31st.

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