1301 West 24th Street, Lawrence, KS 66046

Click here to DOWNLOAD FINANCIALS

The Opportunity

ASSET HIGHLIGHTS

  • The Rockland features exclusively one- and two-bedroom units with bed/bath parity, which will increasingly be in high demand as the market has seen an increase of three- and four-bedroom purpose-built units.
  • The property features a high renewal rate in the submarket because of the proximity to campus, recently upgraded units, renovated clubhouse, and market favorite outdoor dog park.
  • Recent changes to the cable and internet contract, as well as efficient plumbing fixtures in the units will create expense savings for a new owner ($90,000) in the 19/20 school year.

MARKET HIGHLIGHTS

  • Tier-1 flagship state university with over 24,800 students for the fall of 2018.
  • On-campus housing is near capacity at 96% occupancy, and can only accommodate 5,180 students (21% of total enrollment). There is no requirement to live on campus.
  • The Rockland is one of closest properties for Kansas students, located 0.4 miles from campus along Naismith Drive and in the path of development for the expansion of the Research and Science zones.

ADDITIONAL UPSIDE

  • Two-bedroom floor plans are currently $60 per bed below market average of comparable communities in the marketplace. With 275 two-bedroom units, that is nearly an immediate $400,000 in revenue.
  • Unit interiors have been renovated, however an opportunity to further upgrade finishes and push rate exist.

The Property

The Rockland is a 372-unit, 647-bed, student housing apartment community located in Lawrence, Kansas, just minutes from the University of Kansas (KU) campus. The property offers luxury accommodations and was built in 1986 and newly renovated in 2015. The garden-style property contains 15, three-story buildings with vinyl siding and asphalt shingle roofing. Totaling 313,912 rentable square feet, the property is situated on 17.9 acres of land with a density of 20.78 units per acre.

Property amenities include a pool, hot tub, fitness center, indoor and outdoor basketball courts, professional-size sports field with AstroTurf, grilling area with fire pit, clubhouse, gaming area, business center, and coffee bar. The Rockland has one- and two-bedroom floor plans that range from 696 to 896 square feet, with an average unit size of 793 square feet. Residents can choose from fully furnished or unfurnished floor plans. Each unit is outfitted with elegant wood-style flooring, private bedrooms and bathrooms, and a fully equipped kitchen that includes updated countertops, a microwave, and stainless-steel appliances. Other unit amenities include washer / dryer, free internet and cable, mirrored closets, private patio, and valet trash service.

property amenities

UNIT Amenities

  • Spacious, Fully-Furnished and Unfurnished Floor Plans Available
  • Optional Custom Furniture Package
  • Water, Sewer, Cable and High-Speed Wireless Internet Included
  • Fully-Equipped Kitchen with Stainless Steel Appliances Including Dishwasher, Disposal, and Microwave*
  • Stylish Wood Flooring
  • Full-Size Washer and Dryer
  • Private, Fully-Furnished Bedrooms with Luxury Memory Foam Mattresses
  • Convenient Trash Valet Service

*In Select Units

COMMUNITY Amenities

  • Luxurious, Resort-Style Pool and Hot Tub
  • 24-Hour Business Center with Free Printing
  • 24-Hour Fitness Center
  • Community Room with Gaming Station and Pool Table
  • Complimentary Tanning Facilities
  • Outdoor Barbecue Area, Complete with Grilling Area and Fire Pit
  • Coffee Bar
  • Professional-Size Sports Field with AstroTurf
  • Indoor and Outdoor Basketball Courts
  • Pet-Friendly Community with Dog Park and Playground
  • Conveniently Located Along University Kansas Bus Route

market area

CONTACT US

Investment Advisors

Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
©2018 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing.aspx