Tailwind Group Acquires 2 Kansas Student Assets
The communities are close to the University of Kansas and Wichita State University.
Tailwind Group has expanded its student housing portfolio with the acquisitions of Legends Place Apartments and Aspen Heights, two communities totaling 959 beds in Lawrence and Wichita, Kan. The company landed a 10-year, $18.7 million CMBS loan through Fannie Mae for the Lawrence property, Yardi Matrix data shows. ApexOne Investment Partners and Aspen Heights Partners, respectively, sold the communities.
Completed in 2003, Legends Place Apartments comprises 200 units with two-, three- and four-bedroom apartments, ranging from 905 to 1,481 square feet. Amenities at the pet-friendly community include a fitness center, swimming pool, grilling areas, game lounge, computer room and a hammock garden. The property will undergo a capital improvement program and will be rebranded.
Aspen Heights has been rebranded as Altitude at Wichita and comprises 90 units and a mix of studio, two- and four-bedroom apartments, varying from 548 to 1,498 square feet. Residents have access to a business center, fitness center, swimming pool and study rooms.
Located at 4101 W. 24th Place, Legends Place Apartments is within 1.7 miles of the University of Kansas campus, as well as several dining and retail options. Altitude at Wichita is located at 4910 E. 21st St. N., within walking distance of the Wichita State University campus and less than a mile from numerous retail options.
A team led by Newmark Vice Chairman & Head of Newmark Student Housing Ryan Lang represented ApexOne Investment Partners, whereas Aspen Heights Partners was represented by JLL Managing Director Teddy Leatherman and her team.
Tailwind’s student housing portfolio expansion
As student housing is showing strong fundamentals, reaching historic highs in preleasing and rent growth rates, investors are quickly expanding their portfolios across many markets. The current buys represent Tailwind Group’s third and fourth major transactions since the beginning of the year.
Last year, the company added 1,080 beds to its portfolio when it acquired South Duff Apartments in Ames, Iowa, and The View in Lincoln, Neb., from RCLCO. In August, the firm also bought The Wylder, a 656-bed community in Columbia, Mo., adjacent to the University of Missouri.